- About 5.8 percent of the total BTC supply is stored on cryptocurrency exchanges.
- Bitcoin is trading at $26,081 and is down 1.82% in the last 24 hours.
Bitcoin (BTC) price failed to sustain the bullish momentum after the price spiked on August 23, and is now trading around the $26,000 mark. Despite the ongoing bear assault, on-chain data is showing signs of improvement for traders. The data shows that Bitcoin supply on cryptocurrency exchanges has hit a 6-year low. About 5.8 percent of the total BTC supply is stored on cryptocurrency exchanges at the moment.
Moreover, every week there are an average of 57,000 Bitcoin transactions, as reported by analytics platform Santiment. A drop in Bitcoin reserves on cryptocurrency exchanges amid a general market downturn is indicative of investors’ preference for holding BTC rather than selling in anticipation of a recovery.
Unchanged Market Sentiment
Contrarily, Rekt Capital, a prominent crypto analyst, has recently predicted that the price of Bitcoin (BTC) might decline significantly over the next several weeks. Rekt Capital assessed past data and chart patterns to determine Bitcoin’s probability for a drop.
Moreover, there was no change in market sentiment despite the addition of two more exchange-traded fund (ETF) applications based on Ethereum futures. The applications were submitted to the U.S SEC yesterday.
At the time of writing, Bitcoin (BTC) is trading at $26,018 and is down 1.82% in the last 24 hours as per data from CMC. If the price manages to break the recent support level at $25,660 then severe sell-off can be expected. High volatility is expected as investors are closely watching the upcoming speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium 2023.