Bitcoin exchange supply hits a 6-month low as accumulation continues

Bitcoin exchange supply hits a 6-month low as accumulation continues

The total supply of bitcoin in circulation is in the neighborhood of $165.5 million. That’s down from a high of $1.2 billion over the summer, and down from a low of $61 million a few months earlier, according to figures published on Friday by CryptoCompare.com.

Bitcoin, the mysterious digital currency that started out as a peer-to-peer, decentralized, cryptocurrency network, has for some time been on a downward trend, losing more and more value month after month. The price of one Bitcoin has dropped to $2,400, half of what it was at its peak last year, and as it continues to lose value over time, Bitcoin has been losing value at a slower and slower rate.

Bitcoin exchange supply hits a 6-month low as accumulation continues.. Read more about large bitcoin transactions 2021 and let us know what you think.

Bitcoin exchange supply hits a 6-month low as accumulation continues

The amount of bitcoin (BTC) on exchanges has been falling steadily since mid-May, suggesting that the worst of the market downturn is over.

According to cryptocurrency analysis company Santiment, the supply of bitcoin on exchanges is currently at its lowest level since early January. The 6-month low is a promising sign, as it generally indicates a reduced risk of another major $BTC collapse, the analyst firm tweeted Monday morning.

The #Bitcoin supply on
exchanges has dropped encouragingly to its lowest level since early January. The 6-month low is a promising sign, as it generally points to a lower risk of another major $BTC collapse. https://t.co/vFh7pcjUmX pic.twitter.com/t3duiStvg6

– Santiment (@santimentfeed) July 5, 2021

Strong inflows of exchange-traded funds began in early May, which likely served as a precursor to bitcoin’s sharp decline in the middle of the month. Bitcoin’s decline intensified on May 19, leading to a $1.2 trillion drop in the global cryptocurrency market.

Data on currency flows is an important measure to track bitcoin price movements in the short and medium term. Net inflows are often a harbinger of a sharp decline as more investors remove assets from their cold portfolios, perhaps to sell them. For example: In May, bitcoin saw its largest inflow of exchange-traded funds since the COVID-19-related collapse in March 2020.

Related: BTC price falls to close gap in bitcoin futures as attention shifts to $46.5k bullish target.

Although bitcoin is still in a prolonged temporary downtrend, investors are finding more and more reasons to be optimistic. The pace of adoption in countries such as Latin America, the expected shift of production from China to other regions and the increasing signs that the market has bottomed out are all reasons for optimism.

On the other hand, analysts continue to warn of an uncertain near-term outlook, with several industry figures predicting a sharper correction this year.As we look towards the end of 2018, we once again see a small downward trend in Bitcoin supply, as per the Blockchain.info data on the Bitcoin supply chart. The cryptocurrency has long term average supply of ~3,600,000 BTC, but this year we’ve seen the supply dip below 3,000,000 BTC. At this point (around January 10) Bitcoin supply stands at 2,988,144 BTC, an all-time low.. Read more about bitcoin price and let us know what you think.

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