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Bitcoin Ratio Of Supply On Exchanges Drops To A 6-Month Low
Summary: Santiment, a crypto analysis platform, tweeted that the supply of Bitcoin on exchanges is at its lowest level since the beginning of January. The company said the 6-month low is a promising sign, as it usually indicates that a major sell-off in Bitcoin is less likely. Bitcoin data on exchanges is an important indicator for ...
Santiment, a crypto analysis platform, tweeted that the supply of Bitcoin on exchanges is at its lowest level since the beginning of January. The company said the 6-month low is a promising sign, as it usually indicates that a major sell-off in Bitcoin is less likely.
Bitcoin data on exchanges is an important indicator for monitoring the short- and medium-term Bitcoin price movements.
Investors may transfer BTC from cold wallets to exchanges in order to sell them for cash. Therefore, once the net inflow of Bitcoins on exchanges increases, it generally indicates a sharp sell-off.
By Mary Liu
