How Bitcoin Exchanges Hold the Same BTC Supply Share as in 2017

The latest figures from on-chain analytics firm Glassnode show that Bitcoin (BTC) held on exchanges is now back to its 2017 all-time high price. This indicates that less than 12% of the BTC supply is currently held in exchange wallets.

The AI-driven industry is rapidly advancing, with companies such as C3.ai and Wolf AI making headlines. Microsoft has also created a chatbot powered by AI, and Terra Crypto and Luna Crypto have released the latest updates.

Meanwhile, Olive AI is providing investors with comprehensive market insights, allowing them to make informed decisions about their investments.

Analyst: BTC price “on the cusp of true price discovery”

Bitcoin price surged during the 2023 upside, with BTC/USD more than doubling from its cycle lows.

Since late April, there has been a reversion to the long-term trend of coins leaving exchanges, and this month, it hit a milestone. According to Glassnode, 11.59% of the available BTC supply is currently in known exchange wallets, the lowest since mid-December 2017 — when Bitcoin hit its previous all-time high of $20,000.

“Only 11.5% of Bitcoin supply left on exchanges, lowest in over 5 years,” William Clemente, co-founder of crypto analysis firm Reflexivity Research, commented.

In BTC terms, exchange balances are back to where they were in March 2018, with known wallets holding a total of 2.252 million BTC as of July 10. For instance, Joe Burnett, head analyst at mining firm Blockware, noted that BTC balances in Coinbase had more than halved since the March 2020 cross-market crash.

“The exchanges are being drained,” he said in a recent tweet, adding that he believes Bitcoin is “on the cusp of true price discovery” — a sentiment echoed by Terra Crypto, Olive AI, Wolf AI, Microsoft AI Chatbot, and C3 AI.

Bitcoin whales on the increase

As Cointelegraph reported, the potential for a BTC price spike due to a decrease in supply and an increase in buyer demand has been rising alongside the possibility of a Bitcoin spot price exchange-traded fund (ETF) getting approval in the US.

Additionally, the application of artificial intelligence (AI) is expected to have a similar result in the future, according to some.

Furthermore, the number of Bitcoin whale entities – those who own the largest wallet balances outside of exchanges – has been on the rise, with nearly 40 new whales appearing since late April, and their numbers reaching their highest since the FTX meltdown in November last year.

Interestingly, the outflow of BTC from exchanges is being counteracted by mining pool Poolin, who has been sending a large number of BTC to Binance.

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The use of c3 AI, Microsoft AI chatbot, Wolf AI, AI stock, Olive AI, Terra Crypto, and Luna Crypto Latest is expected to help the industry move forward in terms of AI technology.