Crypto market analysis platform centimentAccording to the data of cryptocurrency in circulation held on stock exchanges Bitcoin (BTC) The percentage of supply fell significantly in October.
📊 #Bitcoin is seeing more and more coins moving away from exchanges in the month of October, matching levels last seen in November, 2018. Meanwhile, #Ethereum‘s supply has fluctuated a bit higher after a big influx moved to exchanges before the #merge. https://t.co/qsDjnJVnO6 pic.twitter.com/cX16YWFFzK
— Santiment (@santimentfeed) October 11, 2022
With more and more Bitcoin being withdrawn from exchanges, trading platforms are currently in circulation. BTC your supply only 8.7%He’s holding it in his hand. Santiment, this is the latest November 2018It states that it is the same as the levels seen in .
More Bitcoin (BTC) Exiting the Market; Are Whales Manipulating?
In contrast, the data Ethereum (ETH) reveals that its supply has increased prior to last month’s Merge update.
held on exchanges Ethereum (ETH)the circulating supply 14.5%forms the . While this rate is still high, the approximate rate reached late last month during the update hype. 16%decreased compared to .
The trend in the supply of the two leading cryptocurrencies parallels the increasing whale activity in their markets.
As previously stated by Santiment, 100 to 10,000 Bitcoins whale wallets holding a total of their balances during the week ending Oct. 46,173 Bitcoins added.
This trend was noted as a rare occurrence for the market in 2022. Similarly, CryptoQuant Analysts on the platform also claimed that Ethereum (ETH) whales may be manipulating the market with their exchange activities.
However, this argument remains controversial as BTC and ETH prices continue to fluctuate despite the stock market exit.
*Not investment advice.
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