Lowest Bitcoin Holdings on Crypto Exchanges in Nearly Six Years: Santiment Analytics Firm
Recent data provided by crypto analytics firm Santiment indicates that the quantity of Bitcoin (BTC) available on cryptocurrency exchanges has reached its lowest level in more than five years.
As per the insights provided by the market intelligence firm, a mere 5.8% of the total Bitcoin supply, often referred to as the crypto king, is presently held within cryptocurrency exchange platforms. This marks the lowest proportion observed since December 2017.
Santiment further highlights substantial engagement from prominent holders of Bitcoin, often referred to as "whales."
"Merely 5.8% of Bitcoin's current distribution is hosted on exchange platforms, constituting the lowest recorded percentage since December 17, 2017. Concurrently, we continue to observe notable levels of weekly transactions carried out by significant BTC holders, often referred to as 'whales' (57,400 transactions per week).
Santiment's analysis also reveals that Bitcoin holds a prominent position in terms of having the highest volume of address activity among digital assets.
In this aspect, Bitcoin is followed by the stablecoin Tether (USDT), the smart contract platform Ethereum (ETH), the layer-2 blockchain Polygon (MATIC), and the Bitcoin alternative Litecoin (LTC). These cryptocurrencies all exhibit active address counts that are at least more than double those of other digital currencies, according to Santiment's findings.
As of the time of writing, Bitcoin is being traded at a price of $26,001.
Turning to Ethereum, Santiment, the market analytics firm, reports that the ten most significant addresses associated with the primary altcoin now account for an impressive 35% of Ethereum's total supply.
Santiment suggests that the accumulation of Ethereum by these larger addresses is possibly a consequence of smaller investors capitulating their holdings due to fear, uncertainty, and doubt (FUD) brought about by the recent decline in the cryptocurrency market.
"While this doesn't necessarily imply a sudden centralization of the second-largest cryptocurrency, it does underscore the trend of smaller traders succumbing to fear, uncertainty, and doubt (FUD) amid this market downturn."
As of the current moment, the value of Ethereum stands at $1,649.
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