According to Glassnode data, Bitcoin (BTC) supply/reserves appear to be facing a significant decline. The current supply is recorded as the lowest level in the last three years, according to the comparison with the historical data.
While the BTC reserve on centralized exchanges has fallen to the lowest level in the last three years, it has now decreased to a total of 2,506,201,373 BTC. This is even lower than February 13, when the balance on exchanges was 2,506,583,557 BTC.
“Bitcoin $BTC Balance on Exchanges has reached a 3-year low with 2,506,201,373 BTC. Santiment stated that on February 13, 2022, 2,506,583,557 BTC, the lowest level of the previous 3 years, was observed.
Santiment, on the other hand, made a statement on the subject and BTC reservesHe noted that crypto has reached its lowest levels since December 2018, when the crypto winter was in full swing.
At the start of the weekend, Bitcoin lost nearly $1,000, falling from $43,700 to $41,980 on Saturday. However, this drop in BTC supply on crypto exchanges will likely prevent any selling. According to the tweet, Bitcoin reserves on exchanges fell to 10.87% following the drop, followed by a series of consecutive BTC price drops.
Earlier today, Santiment noted that Saturday, despite a slight drop in Bitcoin price over the weekend, it detected the most active BTC address activity this year. The data provider’s analytics team believes this represents an increase in utility; therefore, a possible price increase may follow these developments.
“Bitcoin fell slightly over the weekend, but on Saturday 2022 was the highest amount of active addresses recorded (1.08 million). The increase in participants transacting on the BTC network is a good sign of increased utility, it could be a precursor to price increases.”
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