The current state of Bitcoin’s presence on exchanges is making waves. According to Santiment, the supply of BTC residing on exchanges has plummeted to a depth not witnessed in six years, with a mere 5.8% finding haven on trading platforms—a figure that mirrors the scene of December 2017.
This data has spurred discussions around bullish narratives, as the diminishing exchange balance potentially signifies a growing preference among traders and investors for self-custody. In a realm fraught with regulatory uncertainties and exchange vulnerabilities, this trend hints at a maturing market where individuals take the reins of safeguarding their Bitcoin assets.
As Bitcoin dipped to $26,000, relinquishing gains amassed the previous day, the crypto sphere anticipated signals from U.S. Federal Reserve Chair Jerome Powell’s address at Jackson Hole.
At the time of writing this post, Bitcoin had inched down by 1.40% within the past 24 hours, resting at $26,081.21 by 07:20 a.m. in Hong Kong, and marking a 3% descent over the week, as per CoinMarketCap records.
The prevailing trend leans heavily towards self-custody, potentially highlighting the market’s maturity as investors fortify their asset security. Yet it could also be indicative of impending volatility. But the buck doesn’t stop here.
Bitcoin Whales Steady Accumulation
Santiment also pointed out that Bitcoin whales were moving an astonishing 57.4K bitcoins to their wallets. This left us to ponder the motivation behind these whale maneuvers. According to market analyst Samer Hasn from Australia’s XS.com, the prevailing cautious stance in the crypto arena can be attributed to increasing regulatory scrutiny in the U.S.
With the SEC intensifying its crackdown on crypto powerhouses such as Ripple, Coinbase, and Binance, the ecosystem is fraught with regulatory ripples. Most recently, Bitstamp announced the cessation of Ethereum staking services by September 25 under mounting regulatory pressures.
With regard to substantial whale migrations, experts cast a cautious eye on imminent market undulations. As Greta Yuan, a researcher at Hong Kong’s VDX digital asset exchange, underscores, investors must acknowledge that “the bear market endures.” Her perspective hints that Bitcoin might well meander within the range of US$25,000 to US$27,000 for a protracted interval.
Join our Telegram Channel https://t.me/elevenews