{"id":537908,"date":"2023-06-14T14:11:11","date_gmt":"2023-06-14T14:11:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537908"},"modified":"2024-06-11T08:05:28","modified_gmt":"2024-06-11T08:05:28","slug":"bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory\/","title":{"rendered":"Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment"},"content":{"rendered":"

So far, the supply of Bitcoin (BTC)<\/a> held on exchanges has recently seen a significant decrease, reaching levels last observed in February 2018. This trend underscores a developing pattern in the crypto market – traders and investors preferring to secure their digital assets outside of these platforms.<\/span><\/p>\n

Data from the blockchain intelligence firm, Santiment<\/a>, confirms this trend, as reported in a recent tweet<\/a>. It revealed that the decline in Bitcoin’s supply on exchanges could be attributed to the prevailing uncertainty associated with the legal actions taken by the Securities and Exchange Commission (SEC) against cryptocurrency giants, Binance and Coinbase.<\/span><\/p>\n

Regulatory Tensions Drive Bitcoin Off Exchanges<\/span><\/h2>\n

According to Santiment, the ongoing SEC lawsuits<\/a> against major exchange platforms have prompted a shift in the dynamics of Bitcoin storage. The firm maintains that as long as these lawsuits persist, Bitcoin holders will continue to seek safer self-custody options, minimizing their reliance on exchange platforms.<\/span><\/p>\n

As Santiment pointed out:<\/span><\/p>\n

\n

Bitcoin’s exchange supply has now fallen to its lowest level since February 2018. Traders continue moving BTC to self-custody during the uncertainty surrounding Binance and Coinbase. As long as these SEC lawsuits loom, this trend should continue.<\/span><\/p>\n<\/blockquote>\n

Notably, the latest reports reveal<\/a> that Amy Berman Jackson, a District Judge in the United States, has instructed the Securities and Exchange Commission (SEC) and Binance.US to find common ground concerning the original order to freeze the exchange’s assets.<\/span><\/p>\n

Related Reading: Data Reveals Short-Term Bitcoin Holders Refuse To Sell Despite SEC Crackdown<\/a><\/div>\n

Highlighting the broader implications of an outright shutdown, Jackson noted in a hearing on June 13:<\/span><\/p>\n

\n

A total shutdown would yield considerable repercussions, not only for the firm but also for the overall digital asset market.<\/span><\/p>\n<\/blockquote>\n

Thus far, it appears both parties are willing to collaborate on a plan that could enable the exchange to evade the comprehensive freezing of its assets.<\/span><\/p>\n

Market Reactions Amid Ongoing Litigation<\/span><\/h2>\n

While the legal issues unfold, the crypto market has not remained untouched. At the time of writing, Bitcoin was trading at $25,990<\/a>, marking a modest drop of 0.5% in the last 24 hours and a further plunge of 3.1% in the past seven days.<\/span><\/p>\n

\"Bitcoin
BTC\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin\u2019s trading volume has also recorded a significant plunge from $23.6 billion last Wednesday to $9.1 billion in the past 24 hours indicating less trading activity. The asset\u2019s market capitalization has seen a more than $10 billion loss in the past week, causing BTC\u2019s market cap has plummeted from $518 billion last Wednesday to $503 billion as of today.<\/p>\n

Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations<\/a><\/div>\n

Furthermore, the litigation cloud hanging over the crypto giants represents more than a fleeting problem for the crypto industry. It introduces a level of uncertainty that could disrupt the usual flow of operations and, as it is being witnessed, influence the way Bitcoin is stored.<\/span><\/p>\n

Nonetheless, despite these challenges, the tenacity of Bitcoin holders<\/a> in securing their assets exhibits the resilience of the cryptocurrency industry. As the market navigates the ever-evolving regulatory landscape, market dynamics such as these provide crucial insights into the coping mechanisms adopted by traders and investors.<\/span><\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

So far, the supply of Bitcoin (BTC) held on exchanges has recently seen a significant decrease, reaching levels last observed in February 2018. This trend underscores a developing pattern in the crypto market – traders and investors preferring to secure their digital assets outside of these platforms. Data from the blockchain intelligence firm, Santiment, confirms this trend, as reported in a recent tweet. It revealed that the decline in Bitcoin’s supply on exchanges could be attributed to the prevailing uncertainty associated with the legal actions taken by the Securities and Exchange Commission (SEC) against cryptocurrency giants, Binance and Coinbase. Regulatory Tensions Drive Bitcoin Off Exchanges According to Santiment, the ongoing SEC lawsuits against major exchange platforms have prompted a shift in the dynamics of Bitcoin storage. The firm maintains that as long as these lawsuits persist, Bitcoin holders will continue to seek safer self-custody options, minimizing their reliance on exchange platforms. As Santiment pointed out: Bitcoin’s exchange supply has now fallen to its lowest level since February 2018. Traders continue moving BTC to self-custody during the uncertainty surrounding Binance and Coinbase. As long as these SEC lawsuits loom, this trend should continue. Notably, the latest reports reveal that Amy Berman Jackson, a District Judge in the United States, has instructed the Securities and Exchange Commission (SEC) and Binance.US to find common ground concerning the original order to freeze the exchange’s assets. Related Reading: Data Reveals Short-Term Bitcoin Holders Refuse To Sell Despite SEC Crackdown Highlighting the broader implications of an outright shutdown, Jackson noted in a hearing on June 13: A total shutdown would yield considerable repercussions, not only for the firm but also for the overall digital asset market. Thus far, it appears both parties are willing to collaborate on a plan that could enable the exchange to evade the comprehensive freezing of its assets. Market Reactions Amid Ongoing Litigation While the legal issues unfold, the crypto market has not remained untouched. At the time of writing, Bitcoin was trading at $25,990, marking a modest drop of 0.5% in the last 24 hours and a further plunge of 3.1% in the past seven days. Bitcoin\u2019s trading volume has also recorded a significant plunge from $23.6 billion last Wednesday to $9.1 billion in the past 24 hours indicating less trading activity. The asset\u2019s market capitalization has seen a more than $10 billion loss in the past week, causing BTC\u2019s market cap has plummeted from $518 billion last Wednesday to $503 billion as of today. Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations Furthermore, the litigation cloud hanging over the crypto giants represents more than a fleeting problem for the crypto industry. It introduces a level of uncertainty that could disrupt the usual flow of operations and, as it is being witnessed, influence the way Bitcoin is stored. Nonetheless, despite these challenges, the tenacity of Bitcoin holders in securing their assets exhibits the resilience of the cryptocurrency industry. As the market navigates the ever-evolving regulatory landscape, market dynamics such as these provide crucial insights into the coping mechanisms adopted by traders and investors. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,1119,1144,1393,6664,3799],"class_list":["post-537908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-btc","tag-btcusd","tag-coinbase","tag-crypto","tag-sec"],"acf":[],"yoast_head":"\nBitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment<\/title>\n<meta name=\"description\" content=\"So far, the supply of Bitcoin (BTC) held on exchanges has recently seen a significant decrease, reaching levels last observed in February\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","btc","btcusd","coinbase","crypto","sec"],"dateCreated":"2023-06-14T14:11:11Z","datePublished":"2023-06-14T14:11:11Z","dateModified":"2024-06-11T08:05:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-stored-on-exchanges-plummets-amid-regulatory\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"btc\",\"btcusd\",\"coinbase\",\"crypto\",\"sec\"],\"dateCreated\":\"2023-06-14T14:11:11Z\",\"datePublished\":\"2023-06-14T14:11:11Z\",\"dateModified\":\"2024-06-11T08:05:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537908"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=537908"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=537908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=537908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=537908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}