Bitcoin in circulation has decreased since it was slashed in half in 2020, according to a recent analysis by CryptoRank. The ability to buy Bitcoin on exchanges has also been restricted. The supply of Bitcoin on exchanges was still 9.5 percent of the total in the second half of 2020 (around October).
That ratio had reduced to 7.3 percent of all Bitcoin on wallet exchanges by July 2021. Exchange wallets, on the other hand, only accounted for 6% of the Bitcoin supply in December. The bitcoin quantity in circulation has continued to drop after the halving, with only 1.3 million bitcoins in circulation now.
According to CryptoRank’s data, the world’s largest crypto platforms dominate the Bitcoin exchanges. However, in terms of the overall amount of Bitcoins housed in its wallets, Coinbase remains the most popular cryptocurrency exchange. However, throughout the course of the year, the exchange has lost some of its clout.
According to CryptoRank, Coinbase accounted for just over 50% of the bitcoin in its wallets. However, that number has since dropped to 44.2%. Binance holds about 25% of Bitcoin on exchanges, while Bitfinex is on the bottom rung with 14.6% of Bitcoin.
The announcement follows a series of bullish price indicators that coincide with Bitcoin’s higher price movement. For starters, the illiquid BTC supply has iced over for the winter, with a monthly supply of 100,000 BTC moving from a “liquid” to an “illiquid” state.
This is one of the measures that indicates that Bitcoin is being held in cold wallets and that selling pressure is diminishing, implying that the asset is still in a bull cycle. In the first quarter of 2022, everything will be “brighter.”