Just 1.3 million Bitcoin left circulating on crypto exchanges
In glad tidings for an orange Christmas, Bitcoin (BTC) supply is drying up to lows not seen for years. In a recent tweet by CryptoRank, just 6.3% of the total Bitcoin supply, or 1.3 million BTC, is held on cryptocurrency exchanges.
The decreasing supply is nothing new, trending down since the Bitcoin halving in 2020 when the BTC block reward was cut in two. BTC availability on exchanges followed suit, slowly trending down over the past year. Exchange wallets accounted for 9.5% of the BTC supply in October 2020, just before the 2020 Christmas all-time highs, and 7.3% in July this year. The 6.3% December figure is the lowest recorded in 2021.
Interestingly, Coinbase’s BTC wallet dominance is also slipping. The American exchange used to custody
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