Skip to content

Bitcoin held on exchanges drops to lowest in over 5 years amid SEC lawsuits

Bitcoin held on exchanges drops to lowest in over 5 years amid SEC lawsuits

After the United States Securities and Exchange Commission (SEC) expanded its regulatory gaze on the cryptocurrency sector, including with lawsuits against crypto trading platforms Coinbase and Binance, fears seem to have continued the migration of Bitcoin (BTC) off crypto exchanges.

Specifically, the percentage of Bitcoin held across exchange addresses has been in perpetual decline since the Covid-19 crisis and has shrunk to the current value of 11.7% or 2.27 million BTC, according to the data shared by blockchain and crypto analytics platform Glassnode on June 26.

As the platform’s team further explained, this is the lowest percentage of the maiden cryptocurrency on cryptocurrency trading platforms recorded collectively since December 21, 2017, or over a period of more than five years.

Bitcoin balance on exchanges. Source: Glassnode

Interestingly, the second-largest digital asset by market cap, Ethereum (ETH), has recorded a similar trend, in which the richest non-exchange crypto wallets have been hoarding ETH and getting richer, whereas the top exchange addresses are near genesis levels, Finbold reported earlier.

Bitcoin price analysis

At press time, the flagship decentralized finance (DeFi) asset was changing hands at the price of $30,526, showing an increase of 1.20% on the day, as well as a more significant gain of 13.95% on its weekly chart and an advance of 12.38% over the previous month, as per data on June 27.

Bitcoin 7-day price chart. Source: Finbold

Meanwhile, Bitcoin’s correlation with technology-heavy stocks has continued to drop in June following the asset’s recent bullish rally and has fallen to a three-year low, standing at just 3% for the current month as the crypto market charts its own course, as Finbold reported on June 26.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.