CoinEfficiency

BTC Supply on Exchanges Drops Amid FTX Drama

Explore the recent shift in Bitcoin storage trends, emphasizing the move towards self-custody and its impact on BTC's market dynamics.
Published on 2022-11-27

Bitcoin Supply on Exchanges

The landscape of Bitcoin storage has witnessed a significant shift with the percentage of BTC held on exchanges falling to single digits. Currently, only 6.95% of Bitcoin is stored on these platforms. This trend, originally starting in March 2020, has been accelerated by recent events surrounding FTX, prompting more investors to opt for self-custody.

Market Dynamics and BTC Price

Bitcoin's price is experiencing a consolidation phase. As of the latest update, BTC is valued at $16,539.62, reflecting a slight dip of 0.36% over the past 24 hours. Moreover, Bitcoin's market dominance has decreased slightly to 37.80%, highlighting shifts in the cryptocurrency market landscape.

Technical Analysis

On the 4-hour BTC/USDT chart, technical indicators show a bullish sequence initiated by the 9 EMA crossing above the 20 EMA line. This movement led to a price increase from $16,160.20 to $16,812.63. Currently, Bitcoin's price is consolidating between $16,402.95 and $16,626.81. Despite the bullish EMA alignment, strong sell volume is preventing BTC from breaking the next resistance level at $16,598.83.

The ongoing trend towards self-custody and reduced exchange-held BTC could have long-term implications for Bitcoin’s price stability and market behavior. Investors and analysts will continue to monitor these developments closely.

What is Coinefficiency?

Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.

Why Use Coinefficiency?

  • Advanced market analytics to identify trading opportunities.
  • Compare markets relative performance.
  • Understand market cycles over time. See market levels.
  • Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.

With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.

Get Started with Coinefficiency

Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.