BTCUSD LONG - SUPPLY ISSUE
The overall supply of Bitcoin BTC/USD on crypto exchanges has dropped to its lowest level in almost three years, according to Blockchain analytics firm Sentiment.
The ratio of supply on exchanges for #Bitcoin continues to fall, reaching its lowest level since December 2018. When compared to just two months ago, there are 13.5 percent fewer
BTC on these exchange wallets, accounting for 1.6 percent of the total supply.
Bitcoin's total supply on crypto exchanges was only 10.25 percent of its entire quantity, or 1,946,069.41 BTC, as of March 17.
Santiment further points out that the current BTC price jump was driven by a cascade of short sellers liquidating their positions as Bitcoin's value increased, resulting in a short squeeze.
The climb of Bitcoin to 42.3k today was aided by a slew of short liquidations. Funding rates are still a wonderful way to assess how traders are placing their bets and if they're willing to put their money where their mouth is.
Follow for more btc analysis and insights.
The ratio of supply on exchanges for #Bitcoin continues to fall, reaching its lowest level since December 2018. When compared to just two months ago, there are 13.5 percent fewer
BTC on these exchange wallets, accounting for 1.6 percent of the total supply.Bitcoin's total supply on crypto exchanges was only 10.25 percent of its entire quantity, or 1,946,069.41 BTC, as of March 17.
Santiment further points out that the current BTC price jump was driven by a cascade of short sellers liquidating their positions as Bitcoin's value increased, resulting in a short squeeze.
The climb of Bitcoin to 42.3k today was aided by a slew of short liquidations. Funding rates are still a wonderful way to assess how traders are placing their bets and if they're willing to put their money where their mouth is.
Follow for more btc analysis and insights.
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