The lawsuits filed against Binance in the USA, the increase in hacking incidents in the crypto space, and the constantly rising price of Bitcoin as a long-term investment tool cause more and more BTCs to be withdrawn from exchanges every day. According to the figures provided by Santiment, the number of Bitcoins on exchanges has dropped to the lowest level in the last 5 years.
On-chain analysis firm Santiment stated in its latest research that the number of Bitcoins on exchanges has fallen to the lowest level since December 2017.
“Confidence in stock markets is decreasing”
In the tweet sent by Santiment company on the subject, it was written that investors withdrew their BTC to their cold wallets due to their decreased confidence in the stock markets:
“Decreasing trust in stock markets day by day causes investors to withdraw their Bitcoins to their personal wallets. In addition, the value of the 10 exchange wallets holding the most Tether was 15.23 billion dollars. Thus, the purchasing power of the stock markets in this sense has reached its peak in the last 17 months.”
As you may remember, in December 2017, Bitcoin reached 20 thousand dollars, which was the historical peak of that period. It took exactly 3 years for the largest cryptocurrency, which increased many times in a few months, to reach this level again, and with the start of the new bull season in December 2020, 20 thousand dollars was exceeded.
Bitcoin, which has increased by 130% since the beginning of 2023, has gained more than 800% in value in the last 5 years.
