Bitcoin Held on Exchanges Drops to Levels Similar to the 2017 All-Time High, Data Reveals
According to data from on-chain analytics firm Glassnode, the amount of Bitcoin (BTC) held on exchanges has declined to levels comparable to the all-time high in BTC price witnessed in 2017. The latest figures indicate that less than 12% of the total BTC supply is currently stored in exchange wallets.
![](https://sollcrypto.com/wp-content/uploads/2023/07/Screen-Shot-2023-07-11-at-10.54.43-PM.png)
Bitcoin Exchange Balances Plummet to 11.5% of Supply, Hitting Lowest Level in Over 5 Years
Reflexivity Research’s co-founder, William Clemente, noted that the amount of Bitcoin supply remaining on exchanges has dropped to a mere 11.5%, marking the lowest level seen in over five years. In terms of BTC, exchange balances have returned to levels last witnessed in March 2018, with known wallets now holding a total of 2.252 million BTC as of July 10.
![](https://sollcrypto.com/wp-content/uploads/2023/07/Screen-Shot-2023-07-11-at-10.57.19-PM.png)
![](https://sollcrypto.com/wp-content/uploads/2023/07/Screen-Shot-2023-07-11-at-10.57.38-PM-1.png)
Bitcoin Balances on Exchanges Witness Significant Decline Since March 2020 Crash, Indicates Mining Firm Blockware’s Head Analyst
Joe Burnett, the head analyst at mining firm Blockware, highlighted the notable decrease in BTC balances on exchanges, using Coinbase as an example. According to Burnett, the BTC balances have more than halved since the cross-market crash in March 2020.
In a recent Twitter commentary, Burnett concluded that the exchanges are experiencing a drain in BTC holdings. Additionally, he expressed his belief that Bitcoin is on the verge of entering a phase of genuine price discovery.
Rise in Bitcoin Whales Indicates Growing Interest
Amidst expectations of a potential BTC price surge due to diminishing supply and increasing buyer demand, the presence of Bitcoin whales—entities holding significant wallet balances outside exchanges—continues to grow.
Since late April, approximately 40 new whale entities have emerged, reaching their highest count since the FTX market disruption in November of the previous year. This rise in whale numbers suggests an increased interest in Bitcoin and its potential for substantial growth.
Furthermore, some experts argue that advancements such as artificial intelligence (AI) could have a similar long-term impact on Bitcoin’s market dynamics, amplifying its growth potential.
The growing number of whales and the anticipation surrounding BTC’s future underline the potential for significant developments in the cryptocurrency space.
![](https://sollcrypto.com/wp-content/uploads/2023/07/Screen-Shot-2023-07-11-at-11.00.51-PM.png)
![](https://sollcrypto.com/wp-content/uploads/2023/07/Screen-Shot-2023-07-11-at-11.01.06-PM.png)
Mining Pool Poolin Defies Exchange Outflow Trend, Continues to Transfer Large Amounts of BTC to Binance
Amidst the ongoing trend of decreasing BTC outflows from exchanges, an intriguing exception emerges with mining pool Poolin. Despite the overall pattern, Poolin persists in sending substantial quantities of BTC to the cryptocurrency exchange Binance.
Preserve this moment in history and demonstrate your backing for independent journalism in the crypto industry by acquiring this article as an NFT.