- The supply of bitcoins and ethers on exchanges is at historic lows.
- Regardless, the crypto market is consolidating and a bearish play is possible soon.
- Bitcoin 2023 will end on May 20 and there might be huge announcements to watch out for.
The crypto market usually doesn’t have much activity on weekends, and Saturday prices are displaying just that. In fact, in the last 24 hours, leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) moved only by 0.1% and 0.3%, respectively.
However, data provided by Santiment shows that crypto investors are quietly buying and withdrawing their coins from crypto exchanges in droves.
As seen in the tweet above, BTC’s circulating supply on exchanges is at 5.7%, which is its lowest since December 2017, when it first hit $20,000. Meanwhile, ETH’s current supply is at 10.1% — its lowest since it began in 2015.
Of course, the latter is because ETH holders would rather stake their coins than keep them on exchanges to ensure profit.
Given these details, it may be that the market is still not ready for a bull run until at least the latter part of next year. For now, traders are trading on futures instead of spot.
However, the possibility of a price crash to $25,000 for BTC is looming as the general sentiment is partly bearish and memecoiners are the ones betting hard on the market.
Bitcoin 2023, the largest physical gathering of Bitcoin supporters and arguably the entire crypto market, is slated to end today, May 20. In the last two days, there have been a multitude of massive announcements including Indonesia’s interest in BTC and presidentiable Robert Kennedy Jr.’s acceptance of campaign funds via BTC.
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