Bitcoin: Whales remain active despite bearish trend

Bitcoin: Whales remain active despite bearish trend

August 26, 2023

By Adewale Olarinde

Read Bitcoin’s [BTC] Price Prediction 2023-24

BTC supply on exchange has dropped to its lowest level since 2017.

BTC is still deep in a bear trend as it remains below 30 on its RSI.

Apart from Bitcoin’s [BTC] price trend, there has been a noticeable decrease in its supply on exchanges. Recent data indicated that this decline had hit a yearly low, with large holders (whales) displaying greater interest.

Bitcoin on exchanges plummets

Around March 2020, the percentage of Bitcoin supply held on exchanges peaked at over 16%. However, after that period, it entered a decline phase characterized by a few upward trend bounces followed by an overall decrease.

As of this writing, the percentage of BTC held on exchanges had decreased to 5.80%. As a recent Santiment post highlighted, this level represented the lowest point BTC has experienced since 2017.

Furthermore, despite this decrease, the Santiment chart revealed significant engagement from BTC whales. An examination of the chart revealed several instances of heightened whale activity, with the present count of whale transactions surpassing 1,100.