As it is known, the crypto money market has been going through quite active days lately. The leading cryptocurrency Bitcoin (BTC) traded at $19,685, while the volume of Bitcoin (BTC) on cryptocurrency exchanges saw its lowest level since 2018.

Bitcoin Supply Decreases on Exchanges

At a time when the leading cryptocurrency Bitcoin is below $20,000, crypto exchanges are also experiencing a decrease in Bitcoin (BTC) supply. According to information obtained by Santiment, Bitcoin supply on cryptocurrency exchanges is around 1.74 million, the lowest level since November 2018.

crypto exchange

Santiment made the following statement on the subject:

   "Due to all the volatility experienced since the beginning of 2020, Bitcoin supply continues to withdraw from exchanges. During downtrends like 2022 of crypto, it is familiar to see long-term holders make up a larger percentage of the total supply held,"

To elaborate, it makes sense as crypto assets held on exchanges tend to fluctuate with changes in market sentiment. In other words, if more market participants want to buy rather than sell, stocks on exchanges decrease and higher demand often leads to a price increase.

Stock Exchange

$100 Million Bitcoin (BTC) Transferred to Kraken

A Bitcoin whale address created in 2013 sent 5,000 BTC ($100 million) to Kraken, according to data provided by blockchain explorer OKLink.

It was claimed that the most recent transaction by the address was made in May 2021. Over the past few weeks, a large number of whale purses have begun to awaken from hibernation. Addresses created almost a decade ago started moving crypto assets in bulk.

According to analysis shared by crypto research firm CryptoQuant, this could be a sign of increased selling pressure. After underperforming in August, Bitcoin (BTC) is struggling to recover in September. Bitcoin (BTC) continues to trade below $20,000.