- According to the latest on-chain data, the current bitcoin supply on the exchange has fallen to a new low.
- The new week looks promising for Bitcoin as the most popular cryptocurrency pares its weekly losses and approaches the $26,000 level.
As market experts previously predicted, the supply of Bitcoin continues to decrease. Recent market indicators have confirmed these predictions, as Bitcoin holders appear to be receiving large volumes of Bitcoin assets from exchanges.
The supply of Bitcoin on exchanges has fallen to even lower levels, according to Santiment, one of the leading on-chain measurement platforms. The drop reflects the biggest drop in the supply of foreign currencies in almost six years.
Currently, just over 5% of the total Bitcoin supply is on exchanges. In addition, the whale trade in the market has also increased.
“Currently, only 5.8% of bitcoins are on the exchange, which officially represents the highest value in the crypto market as of December 17, 2017,” Sentiment writes.
This shows that Bitcoin's uptrends go beyond the above data. Notably, Bitcoin PF addresses top the list of most active assets. Bitcoin and nine other assets, including Ether, USDT, and MATIC, have more than twice as many active addresses as any other asset in the market.
Bitcoin Cuts Hourly Losses and Moves Towards $26,000
Meanwhile, the new week is looking much more promising for Bitcoin and other cryptocurrencies in the market. Few assets managed to wipe out weekly losses and get back into the green; Bitcoin is one such asset.
Over the past 24 hours, the major cryptocurrency has managed to post modest gains as trading volume skyrocketed and profits soared over 34%. Market capitalization also adjusted upwards. The asset is currently trading at $25,984. If Bitcoin bulls manage to maintain buying pressure for an extended period, the asset could break above the price of $26,000 and potentially retest its previous level of $26,198.
On the other hand, Ethereum, the second most valuable cryptocurrency by market cap, is also fundamentally bullish. The on-chain analytics platform revealed that 35% of the total Ethereum supply is now held by the top 10 Ethereum addresses.
According to Sentiment, the new development could be due to market participants exiting their current positions due to ongoing FUD following the recent crypto market crash.
The health information is as follows:
“The 10 largest addresses on the Ethereum network now represent more than 35% of the available supply. By no means does this mean that the fortunes of the [second largest] have suddenly turned to crypto, but it does indicate the capitulation of smaller traders exposing FUD before this drop.
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