Bitcoin (BTC) News: Owing to several negative incidences and crypto crashes, the market experienced one of the worst 12 months in 2022. The impact is so much so that the total exchange supply of BTC got reduced substantially since January 2022. In parallel with the larger market sentiment, the crypto prices plummeted to multi-year lows after a bullish environment in 2021. In a latest, the Bitcoin (BTC) price along with the altcoins appear to be heading for a price recovery.
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Interest In Self Custody
In an interesting insight found from on chain data, the BTC exchange supply had dropped by almost half in the last one year. According to crypto market intelligence platform Santiment, the drop is attributed to the sudden rise in interest for self custody. Due to incidents like FTX collapse and the fear of other crypto exchanges going down, many traders went the self custody way to safeguard their assets. As a result, the BTC flow on Binance, Coinbase, Kraken, Kucoin, and Bitstamp dropped from 11.85% to 6.65%.
“The overall supply of Bitcoin on exchanges has dropped from 11.85% to 6.65% over the past year, a historic drop that illustrates the rise in interest in self custody. Binance, Coinbase, Kraken, Kucoin, and Bitstamp all reflect this BTC exodus.”
Although Binance stood out as a leader among all exchanges in attracting customer deposits at the end of 2022, it saw a deficit of 25% in the supply of BTC compared to last year. Following the liquidity crisis around FTX and Alameda Research in November 2022, many traders preferred Binance over others to move their crypto assets.
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As of writing, the Bitcoin (BTC) price stands flat compared to the last 24 hours, at $21,249. The top cryptocurrency continues to move in a steady upward curve since the beginning of 2023.
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