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Bitcoin Exchange Supply Drops to 5-Year Low Amid SEC Lawsuits and Altcoin Surge

Bitcoin has been consolidating around $26,000, but recent SEC lawsuits against Binance and Coinbase have led to outflows from exchanges. On-chain data provider Santiment reports that Bitcoin's exchange supply has dropped to a 5-year low as users choose self-custody amid regulatory uncertainty.

Traders are also shifting their focus from Bitcoin to altcoins, with Ethereum, XRP Network, and Binance coin gaining social volume. The sentiment around Bitcoin is not positive, with analysts predicting a possible drop to $24.5-25K ahead of the FOMC meeting.

Short-term holders have made strong profits, but Glassnode warns that the STH Realized Profit/Loss Ratio is approaching a decision point that could hint at market weakness. Cryptocurrencies' correlation with equities is disappearing quickly, with BTC and ETH showing a laggard performance recently.

Bitcoin Bitcoin $91,687.82
-2.02%
Bitcoin Binance Coinbase
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