• The total BTC balance across all exchanges equated to just 11.7% of the total circulating supply.
• The amount of BTC available for purchase hit all-time lows.

Despite the gains made by Bitcoin [BTC] in its recent rally, most long-term investors continued to take coins out of exchanges in favor of self-custody. According to a popular Twitter user who tracks crypto markets, BTC’s supply on exchanges hit a 5-year low on 30 June, demonstrating investors’ tendency to HODL.

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Liquid supply shrinks

As of 30 June, the total BTC balance across all exchanges was 2.2 million, equating to just 11.7% of the total circulating supply. Such balances were last seen during the historic bull market of 2017. But unlike now, they were in a steady uptrend back then.

On expected lines, the drop in BTC’s liquid supply was driven by seasoned investors. Long-term investors have been consistently accumulating and transferring coins to self-custody, accounting for nearly 75% of the total supply.

On the other hand, the supply held by short-term investors or the active traders has declined considerably over the past two years.

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Author: Suzuki Shillsalot

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