- The volume of Bitcoin (BTC) held on exchanges hits a 5-year low.
- Bitcoin’s social volume is declining against the altcoins’ surging trend.
- At press time, BTC traded within the $25.8K range.
Bitcoin (BTC) balance on centralized exchanges plummets to its 5-year-low amid the regulatory combat of Binance and Coinbase with the SEC. According to the on-chain data from Santiment, approximately 1,241,710 BTC are on the exchanges — the lowest since November 2018.
#Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023
During the 2020 stock market crash, Bitcoin balance on exchanges hit an all-time high of 3,104,276 BTC — nearly 16% of the total supply. The data also highlighted the notable drop of 60% from this peak to the new bottom.
It is not entirely right to equate this decline to a bear run. Because it also signifies the increasing confidence among long-term Bitcoin holders. Furthermore, the BTC supply last active more than 10 years ago reached an all-time high of 2.84 billion. Long-term traders and investors reflect their strong belief in the reversal of the ongoing downtrend.
However, BTC continues to witness another gloomy phase — declining social volumes. Bitcoin, which peaked in March, is currently being outperformed in trend by altcoins — XRP, Ethereum, and Binance Coin.
US Stocks End Correlation with Bitcoin (BTC)?
Following the disclosure of the positive US CPI data, US stocks exhibited one of the most remarkable bullish rallies on Tuesday. The S&P 500 and NASDAQ outperformed cryptocurrencies. This is a sign of evidence of the diminishing correlation between crypto and the stock market. BTC recorded its lowest close below $26,000 last week, whereas the S&P 500 closed at its 14-month-high.
Bitcoin (BTC) Price Chart (Source: TradingView)
In a daily frame, BTC continues to stride in the bearish arena since the price action was hovering below the short-term 50EMA. At the time of analysis, the RSI of the cryptocurrency was 41.5 and it denoted the asset’s proximity to the oversold zone. According to CoinMarketCap, at press time, the Bitcoin (BTC) price was $25,882. In the last 24 hours, its trading volume exhibited a surge of 12.76%.
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