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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.

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