Bitcoin dipped slightly by more than 1% yesterday, falling back below $96,000 after bulls once again failed to hold prices above the resistance level of $98,000.
BTC Price Chart – 4 Hours | Source: TradingView
The ratio of Bitcoin supply on exchanges has dropped to 0.13, the lowest level since February 2018. This ratio measures the proportion of Bitcoin held on exchanges compared to the total circulating supply. The indicator was at 0.18 at the beginning of 2022 and 0.158 at the beginning of this year.
Bitcoin Supply Ratio on Exchanges | Source: CryptoQuant
The decrease in this ratio indicates that more Bitcoin is moving from exchanges to personal wallets or cold storage. This shift suggests that investors are opting for long-term holding strategies, reducing the likelihood of trading or selling Bitcoin immediately.
The low ratio implies selling pressure and reduced liquidity supply, which may impact Bitcoin's price volatility in the near future.
The Altcoin market gained ground yesterday.
Leading the pack is Hedera (HBAR) with an impressive growth of over 60%. In the past 7 days, HBAR has surged by over 160%.
Rumors about a potential partnership between Hedera and Ripple, along with its expanding partnerships, have amplified sentiment on social media. Investment organizations are keeping an eye on HBAR due to its enterprise-grade solutions offering low transaction fees, high scalability, and a thriving decentralized finance (DeFi) ecosystem.
Following closely is Kaia (KAIA) with a staggering profit of over 45% in a day. On the weekly timeframe, KAIA has also recorded a surge hitting three digits.
Other major projects such as The Sandbox (SAND), Chainlink (LINK), Zcash (XEC), VeChain (VET) also climbed over 20%.
IOTA (IOTA), XDC Network (XDC), Axie Infinity (AXS), XRP (XRP), Decentraland (MANA), Fantom (FTM), Ondo (ONDO), Avalanche (AVAX), Quant (QNT), MultiversX (EGLD), Aave (AAVE),... all increased by over 10% in value.
Source: Coinmarketcap
Ethereum (ETH) also couldn’t maintain the $3,700 mark after three consecutive days of gains.
The second largest market capitalization asset has evaporated 2.5% of its value, returning close to the $3,600 area and is currently trading around $3,625.
ETH Price Chart – 1 Day | Source: TradingView