Bitcoin Moves Off Exchanges: Santiment Reveals New Data
Fresh insights from Santiment, a crypto analytics firm, disclosed that the quantity of Bitcoin (BTC) available on cryptocurrency exchanges has hit its lowest mark in over five years.
The data from the intelligence agency indicates that currently, a mere 5.8% of the total Bitcoin supply is housed within crypto exchange platforms. This figure signifies the lowest ebb since December 2017.
Santiment also sheds light on noteworthy activity among major holders of Bitcoin, often known as “whales.”
The information presented underscores that just 5.8% of the total Bitcoin supply is presently held on exchanges, indicating the smallest proportion observed for the primary cryptocurrency since December 17, 2017. Alongside this trend, there continues to be a notable volume of transactions executed by BTC whales, averaging around 57,400 on a weekly basis.
👋 Just 5.8% of #Bitcoin is currently sitting on exchanges, which is officially the lowest level #crypto's top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of $BTC whale transactions (57.4K per week). https://t.co/c0vfjFEvvG pic.twitter.com/nNnz2JDJyb
— Santiment (@santimentfeed) August 24, 2023
The analysis further outlines Bitcoin’s dominant position in terms of address activity compared to other digital assets.
In the realm of activity, Bitcoin is at the forefront, trailed by Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC). These cryptocurrencies exhibit more than twice the number of active addresses in comparison to their counterparts, as per Santiment’s data.
📈🧐 The top 10 assets by highest level of address activity:
1 @Bitcoin $BTC
2 @ethereum $ETH (#BinanceChain)
3 @Tether_to $USDT
4 @0xPolygon $MATIC
5 @litecoin $LTC
6 @Tether_to (#Polygon)
7 @worldcoin $WLD
8 #BinanceUSD $BUSD
9 @bitcoincashorg $BCH
10 @Tether_to (#Ethereum) pic.twitter.com/k3NPHLGVVv— Santiment (@santimentfeed) August 25, 2023
As of the time of writing, Bitcoin is being traded at approximately $26,001.
READ MORE: Crypto’s Future: Global Growth Over US Hassles?
Shifting focus to Ethereum, Santiment reports that the ten largest addresses linked with the primary altcoin collectively control a substantial 35% of the entire Ethereum supply.
🐳 The 10 largest addresses on the #Ethereum network are now holding over 35% of the available supply. By no means does this mean the #2 asset in #crypto is suddenly #centralized, but it shows the capitulation of smaller traders showing #FUD from this dip. https://t.co/G3wIeBzelb pic.twitter.com/TXkKjSwwmn
— Santiment (@santimentfeed) August 25, 2023
Santiment suggests that the surge in holdings by these major addresses could potentially be attributed to smaller investors relinquishing their positions due to apprehensions arising from the recent downturn in the cryptocurrency market.
The data indicates that the ten most substantial addresses on the Ethereum network collectively possess over 35% of the available supply. This occurrence, while not implying an abrupt centralization of the second-largest cryptocurrency, does signal the response of smaller traders to feelings of FUD triggered by the ongoing market dip.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
