The supply of Bitcoin (BTC) on cryptocurrency exchanges has hit its lowest amount in the past five years, as investors continue to pull their assets off them due to declining confidence in crypto trading platforms that have been under constant pressure by regulators in recent months.
Indeed, the overall supply of Bitcoin on exchanges is down to a mere 5.38%, which is the lowest point since December 2017, according to the most recent information shared by crypto on-chain and social metrics platform Santiment in an X post published on November 29.
As the analysts explained, investors have continued to move their Bitcoin into self-custody “as exchange reputation continues to diminish,” exacerbated by the recent settlement between Binance and the United States regulators, as well as the lawsuit against Kraken by the US Securities and Exchange Commission (SEC).
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At the same time, the ten largest exchange crypto wallets with Tether (USDT) are holding $15.23 billion worth of the stablecoin, “pushing exchange power to its highest level in 17 months,” or since June 2022, as the platform’s team explained using the above chart.
Bitcoin price analysis
Meanwhile, the maiden cryptocurrency was at press time changing hands at the price of $38,240, recording an increase of 3.14% in the last 24 hours, as well as gaining 4.24% across the previous seven days and advancing 10.67% over the past month, as the latest charts suggest.
Interestingly, the declining amount of Bitcoin on crypto exchanges has moved in the opposite direction from the price of the flagship decentralized finance (DeFi) asset since early June 2023, coinciding with the SEC charging Coinbase (NASDAQ: COIN) with operating as an unregistered securities exchange.
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