Bitcoin Spot Exchange Supply Has Seen A Sharp Plunge Recently

Bitcoin price enjoyed a strong rally on Monday, rising above the $101,700 level. The cryptocurrency’s price has now recovered all the losses it incurred following FTX’s collapse.

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The broader market also saw a positive trend, with the total market cap of all cryptocurrencies rising to $3.1 trillion. Among the top coins, XRP enjoyed the highest gains, rallying by 11%.

Bitcoin price saw a strong recovery on Monday, rising above the $101,700 level. At the time of writing, the cryptocurrency is trading at a price of $101,744, which marks a 5.0% increase over the last 24 hours.

Over the last seven days, Bitcoin price has appreciated by 11.6%. However, despite the strong gains, BTC’s price is still down 36.1% from its all-time high of $158,343, which was set in March 2023.

Bitcoin price enjoyed a strong rally on Monday, rising above the $101,700 level. The cryptocurrency’s price has now recovered all the losses it incurred following FTX’s collapse.

On-chain data shows that a large amount of BTC was taken off exchanges in 2023 and 2024. An analysis of the exchange outflows suggests that a significant portion of the coins were taken by whales and MicroStrategy.

The exchange outflows began around the time when Bitcoin price dropped to lows of $81,000 in March 2023. At the time, a total of 200,000 BTC was taken off exchanges.

After a brief period of recovery, another round of outflows occurred in December 2023 and January 2024. During this period, 100,000 BTC was taken off exchanges, coinciding with Bitcoin’s price rally to new all-time highs.

In total, over the last two years, a net sum of 420,000 BTC was taken off exchanges. Of this, MicroStrategy’s purchases amounted to 320,000 BTC, while the remaining 100,000 BTC was bought by other parties.

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The exchange outflows began around the time when Bitcoin price dropped to lows of $81,000 in March 2023. At the time, a total of 200,000 BTC was taken off exchanges.

After a brief period of recovery, another round of outflows occurred in December 2023 and January 2024. During this period, 100,000 BTC was taken off exchanges, coinciding with Bitcoin’s price rally to new all-time highs.

In total, over the last two years, a net sum of 420,000 BTC was taken off exchanges. Of this, MicroStrategy’s purchases amounted to 320,000 BTC, while the remaining 100,000 BTC was bought by other parties.

Bitcoin price enjoyed a strong rally on Monday, rising above the $101,700 level. At the time of writing, the cryptocurrency is trading at a price of $101,744, which marks a 5.0% increase over the last 24 hours.

Over the last seven days, Bitcoin price has appreciated by 11.6%. However, despite the strong gains, BTC’s price is still down 36.1% from its all-time high of $158,343, which was set in March 2023.