Bitcoin (BTC) News: Due to several negative impacts and crypto crashes, the market had one of the worst 12 months in 2022. The impact is such that the total BTC exchange supply has been significantly reduced since January 2022. to broader market sentiment, crypto prices fell to multi-year lows after a bullish environment in 2021. In a final one, the Bitcoin (BTC) price with altcoins appear to be heading for a price recovery.
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Interest in personal custody
In an interesting insight found from on-chain data, BTC exchange supply had fallen by nearly half over the past year. According to the Crypto Market Intelligence Platform Saniment, the decline is attributed to the sudden surge in interest in personal care. Due to incidents such as the collapse of FTX and fears of other crypto exchanges going down, many traders have opted for self-custody to protect their assets. As a result, the BTC flow on BinanceCoinbase, Kraken, Kucoin and Bitstamp fell from 11.85% to 6.65%.
“Bitcoin’s overall supply on exchanges fell from 11.85% to 6.65% over the past year, a historic decline that illustrates the rise in interest in personal custody. Binance, Coinbase, Kraken, Kucoin, and Bitstamp all reflect this BTC exodus.
Although Binance established itself as a leader among all exchanges in attracting customer deposits at the end of 2022, it experienced a 25% shortfall in BTC supply compared to last year. Following the liquidity crisis around FTX and Alameda Research in November 2022, many traders preferred Binance over others to move their crypto assets.
At the time of writing, Bitcoin (BTC) price is stable over the past 24 hours at $21,249. The major cryptocurrency continues to move in a steady upward curve since the start of 2023.
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