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Crypto chart analyst Ali Martinez noted a drop in Bitcoin's (CRYPTO: BTC) exchange supply, which, however, did little to change Bitcoin’s bearish price action.
What Happened: Martinez cited Santiment data showing a 40,000 BTC, worth $2.4 billion, drop in exchange supply over the past 48 hours. The chart aligns with a notable surge in exchange outflows.
Bitcoin supply on exchanges dropped to 1.9 million as prices continue to struggle to stay above the $60,000 mark.
Trading Heights stated in their latest post that Bitcoin exchange reserves dropped to yearly lows amid a $60,000 retest. The post concluded, "Analysts suggest that this declining supply hints at something happening in the market."
Why It Matters: Analytics account Cryptoquant stated that with exchange reserves hitting new lows, it could lead to reduced selling pressure, thereby prompting a bull market if demand continues to grow.
Coinglass data shows that overall, 2.38 million BTC are available on all exchanges. Over the past seven days, there has been a decline of 62,753.3 BTC, while the past 30 days saw a drop of 87,786.5 BTC.
Bitcoin wallet inflow/outflow shows Bitcoin inflows at their highest since July 24 with 47,000 BTC in, while Bitcoin outflows were at the highest since Aug 9, with 11,000 BTC out.
However, CryptoSlate lead analyst James Van Straten stated that there are still 3 million BTC available for sale on exchanges and this is "enough liquidity." He also added that exchange balance is a poor metric.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $BTC
