Bitcoin and Ethereum exchange supply hit multi-year lows, indicating holders are withdrawing coins from exchanges and reducing selling pressure.
Macro & Markets ·
On-chain metrics reveal that Bitcoin holdings on exchanges have fallen to levels not seen since 2017, while Ethereum exchange supply has declined to its lowest point since 2015. These withdrawals point to a shift in holder behavior, with investors apparently moving coins into self-custody rather than keeping them available for immediate sale on trading platforms.
The reduced availability of these assets on exchanges typically constrains near-term selling pressure, as coins held offline become less accessible for rapid liquidation. Santiment data underpins these observations, suggesting that investor conviction in current holdings may be strengthening.
What remains unclear is whether this pattern will persist and what catalyst, if any, might reverse the trend of coins leaving exchange wallets. The data alone does not indicate the duration or sustainability of this confidence, nor does it reveal the composition of these holdings across different investor types.