It has been just revealed the fact that according to Santiment, the amount of Bitcoin sitting in exchanges is today the lowest that it’s been in the past six years. Check out the latest reports about this below.
Santiment reveals new Bitcoin-related data
Recent data from Santiment, a crypto analytics firm, shows that the amount of Bitcoin (BTC) supply on crypto exchanges has reached its lowest level in more than five years.
The firm reports that just 5.8% of the total supply of the top cryptocurrency is currently held on exchange platforms – a figure not seen since December 2017.
Santiment also highlights significant activity from Bitcoin whales, or individuals who own large amounts of the digital asset.
According to Santiment, only 5.8% of Bitcoin is currently on exchanges, which is the lowest level since December 17, 2017. Additionally, there are still a significant number of BTC whale transactions occurring, with 57,400 per week.
Bitcoin has the highest amount of address activity compared to other digital assets.
Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC) are all trailing behind BTC with at least double the number of active addresses.
Regarding Ethereum, the market analytics firm reports that the top 10 addresses associated with the altcoin now hold a whopping 35% of its overall supply.
As per Santiment’s analysis, the recent surge in the holdings of big addresses can be attributed to smaller investors selling off their positions due to fear, uncertainty, and doubt (FUD) associated with the latest dip in the cryptocurrency market.
Currently, the ten largest addresses on the Ethereum network hold more than 35% of the total available supply. However, this does not imply that the crypto has become centralized.
Rather, it indicates the capitulation of smaller traders who are affected by FUD during this dip. Check out more reports about this in the original article shared by the online publication the Daily Hodl.
