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The cryptocurrency market remains calm this weekend, Saturday witnessing fewer price movements. Digital coins recorded minor price moves over the past 24 hours, with Bitcoin and Ethereum fluctuating by 0.1% and 0.03% (respectively). However, market players are withdrawing their tokens from exchanges.
Investors withdraw assets from exchanges
The best updates indicated that cryptocurrency players are purchasing & withdrawing their cryptos, specifically Bitcoin and Ethereum, from crypto exchanges. That comes as the market exhibits bearish cues.
6/9 #Bitcoin supply on exchanges has slumped to a 5-year low. But in the wake of regulatory pressure and uncertainty, traders might be hoarding Bitcoins instead of expecting a price rise.
No fresh money into Bitcoin could be another reason behind the $30k deadlock. 🏦💰
— Harshajit Sarmah (@whattheharsh) May 20, 2023
Moreover, the Santiment chart indicated that Bitcoin’s current supply on exchange stands at 5.7%, representing the lowest number since December 2017 – when Bitcoin touched $20K for the first time. Also, Ethereum’s supply stand at lows never witnessed since its debut in 2015, at 10.1%.
source – Santiment
Ethereum’s case could have emerged from Ether holders, who prefer staking their tokens than leaving them on exchanges to fetch returns.
Crypto markets still down
Considering these details, the crypto market seems unprepared for bullish rallies, and market players can expect solid price rallies later next year. Moreover, market players have resorted to trading on futures – not spot.
Meanwhile, Bitcoin price seems susceptible to plunging toward the $25K mark. The leading crypto welcomed the weekend on the wrong foot amid pessimistic updates. For instance, Invezz reported Bitcoin options expiry Friday, events that catalyze price swings. Market sentiments remain somewhat bullish, with most participation coming from meme-coiners.
Nonetheless, crypto enthusiasts await massive updates from the Bitcoin 2023 conference, set to end on 20 May (today). Bitcoin 2023 is the largest meeting of BTC supporters. The event has announced several eye-catching developments in the past two days, including Rober Kennedy Jr’s option for BTC donation for presidential campaigns and Indonesia’s plan to join the Bitcoin industry.
The post Bitcoin and Ethereum supply on exchanges hit historical lows – details appeared first on Invezz.
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