As the number of people holding Bitcoin (BTC) skyrockets to unprecedented levels, the supply of cryptocurrency on cryptocurrency exchanges has continued to dip, dropping to a new low in 39 weeks.
Specifically, the total supply of Bitcoin on crypto exchanges as of March 17 was only 10.25% of its total supply or 1,946,069.41 Bitcoin. This is the lowest amount of Bitcoin on exchanges since December 2018, according to the data tweeted BTC.
The platform also noted 13.5% less Bitcoin in the wallets on these exchanges compared to two months before, during which time the BTC’s overall supply had dropped by 1.6%. By comparison, there was 11.85% of total BTC supply in these wallets as of January 18.
As the total amount of Bitcoin in circulation continues to increase, so does the number of long-term holders. On March 17, the number of people with Bitcoins they had acquired more than a year ago surpassed 11.7 million BTC. This means that more and more people are accumulating Bitcoin as their stash grows.
AAt the time, this represented 61.61% of the total bitcoin supply. It also represented about 18,986,043.
Continuous trend of dropping BTC supply on exchanges
As things stand, the current trend is the continuation of the one of the report on just three months ago, when the Bitcoin supply on exchanges had fallen to its 31-month low, at 11.96% of the asset’s total supply, on December 13, 2021. As it stands, the ratio is down by 1.71% from the previous day.
The price of bitcoin, at the time of writing, is $40,670, an increase of 3.20% from last week’s price. The total value of all bitcoin is $39.370, according to CoinMarketCap data. The token’s market capitalization is currently $770.90 billion, a rise of 3.03% since one week ago.
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