The amount of bitcoin held on exchanges has declined to a six-month low as the price of bitcoin has seen a 47% decline since its previous all-time high.
Bitcoin held on exchanges has seen a continuous decline over the past couple of weeks. The supply held on exchanges has been declining since Mid-May. The current supply on exchanges based on the percentage of the total supply saw a new six-month low being hit.
Low supplies of BTC on exchanges is bullish
On-chain analysis company Santiment tweeted the statistic, saying, “The ratio of Bitcoin’s supply on exchanges has encouragingly slid down to its lowest since early January. The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major BTC selloffs.”
According to Santiment, the decline in bitcoin held on exchanges is a positive thing. The lack of bitcoin in exchanges means there cannot be any major sell-offs like the ones already seen this year.
Bitcoin holds above $33,000
While bitcoin has witnessed a two-month correction from its all-time high of $64,000. It appears that there is still plenty of accumulation going on at this price range. Whales recently caused the biggest daily accumulation spike, with over 60,000 BTC being purchased in a single day. Bitcoin saw a price surge of 5% over the weekend before a correction on Monday took the crypto back down to $33,500.
Currently, bitcoin is consolidating inside a price range of $31,400 and $40,550.
Bitcoin mining difficulty drops 28%
Bitcoin also recently experienced a dramatic decline in mining difficulty. Following China’s extended ban on mining crypto in the country, mining companies have been pulling out of China en masse. The removal of Chinese miners has seen fewer miners operating at present. Which has seen the hash rate decline dramatically. The total hash rate recently hit a 19-month low of 87.6 TH/s.
