Bitcoin’s supply on exchanges hits six-month low

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The amount of bitcoin held on exchanges has fallen to its lowest level in six months, as the price of bitcoin has fallen 47% since its previous high.

Bitcoin held on exchanges has seen a continuous decline over the past two weeks. The supply held on the stock exchanges has been declining since mid-May. The current supply on the exchanges based on the percentage of total supply has hit a new six-month low.

The low supply of BTC on the exchanges is bullish

Chain analytics firm Santiment tweeted the statistic, saying: Bitcoin’s supply ratio on the exchanges has encouragingly declined to its lowest since early January. The 6-month low is a promising sign, as it will generally indicate that there is a decrease in the risk of BTC sell-offs.

According to Santiment, the decline in bitcoin held on the exchanges is a positive thing. The lack of bitcoin in the exchanges means that there cannot be massive sales like those already seen this year.

Bitcoin holds over $ 33,000

While bitcoin has seen a two-month correction from its all-time high of $ 64,000. It looks like there’s still a lot of build-up going on in this price range. Whales recently caused the largest daily spike in accumulation, with over 60,000 BTCs purchased in a single day. Bitcoin saw a 5% price surge over the weekend before a correction on Monday brought the crypto down to $ 33,500.

Currently, bitcoin is consolidating in a price range of $ 31,400 and $ 40,550.

Bitcoin mining difficulty drops 28%

Bitcoin has also seen a dramatic drop in mining difficulties recently. In the wake of China’s extended ban on crypto mining in the country, mining companies have withdrawn from China on a massive scale. The withdrawal of Chinese miners has reduced the number of active miners at present. Which saw the hash rate drop dramatically. The total hash rate recently hit a 19-month low of 87.6 TH / s.

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