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Exchange Supply Ratio of BTC Decreases

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Bitcoin’s exchange supply ratio witnessed a consistent decline since the start of 2021. Large crypto addresses moved the digital assets to cold storage and unknown wallets during the last few months. As a result, leading digital exchanges now hold only 6.2% of the total circulating supply of BTC.

The data released by CryptoRank shows that crypto trading platforms now have a total of 1.3 million BTC. On the other hand, Bitcoin’s total circulating supply currently stands at around 18.9 million. BTC’s shrinking exchange supply ratio has played an important role in its price growth during 2021. Limited available supply and a huge demand pushed the price to an all-time high of nearly $69,000 in November 2021.

Among all crypto exchanges, Coinbase holds the largest BTC supply. According to CryptoRank, the digital asset trading platform has more than 580K coins, followed by Binance and Bitfinex. Digital exchanges OKEx, Bitflyer, and Bittrex Exchange also hold substantial amounts. But nearly all exchanges saw consistent outflows in 2021.

Short-Term Bitcoin Holders

Due to the recent price volatility, short-term holders of the crypto asset suffered significant losses. However, BTC witnessed some decent gains this week and reached $51,000 for the first time in nearly two weeks.

“Presently, Short-Term Holders finds themselves in aggregate loss, though the pace of decline has slowed along with the price. While these coins continue to churn among different hands, their lifespans stay young and they remain members of Short-Term Holder Supply,” Glassnode noted.

“The rotation of coins among newer owners can also be seen in the rate of change of Short-Term Holder Realized Price. As owners of the youngest supply, their cost basis is more responsive to price than their Long-Term Holder cousins. Interpretation of the costs basis for each cohort is nuanced and different,” the crypto platform added.

Bitcoin’s exchange supply ratio witnessed a consistent decline since the start of 2021. Large crypto addresses moved the digital assets to cold storage and unknown wallets during the last few months. As a result, leading digital exchanges now hold only 6.2% of the total circulating supply of BTC.

The data released by CryptoRank shows that crypto trading platforms now have a total of 1.3 million BTC. On the other hand, Bitcoin’s total circulating supply currently stands at around 18.9 million. BTC’s shrinking exchange supply ratio has played an important role in its price growth during 2021. Limited available supply and a huge demand pushed the price to an all-time high of nearly $69,000 in November 2021.

Among all crypto exchanges, Coinbase holds the largest BTC supply. According to CryptoRank, the digital asset trading platform has more than 580K coins, followed by Binance and Bitfinex. Digital exchanges OKEx, Bitflyer, and Bittrex Exchange also hold substantial amounts. But nearly all exchanges saw consistent outflows in 2021.

Short-Term Bitcoin Holders

Due to the recent price volatility, short-term holders of the crypto asset suffered significant losses. However, BTC witnessed some decent gains this week and reached $51,000 for the first time in nearly two weeks.

“Presently, Short-Term Holders finds themselves in aggregate loss, though the pace of decline has slowed along with the price. While these coins continue to churn among different hands, their lifespans stay young and they remain members of Short-Term Holder Supply,” Glassnode noted.

“The rotation of coins among newer owners can also be seen in the rate of change of Short-Term Holder Realized Price. As owners of the youngest supply, their cost basis is more responsive to price than their Long-Term Holder cousins. Interpretation of the costs basis for each cohort is nuanced and different,” the crypto platform added.


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