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Bitcoin, the leading cryptocurrency, is witnessing a decline in its presence on cryptocurrency exchanges, with the percentage of Bitcoin held on exchange addresses reaching its lowest level in over five years. As per data from blockchain and crypto analytics platform Glassnode, the current percentage stands at 11.7%, equivalent to 2.27 million BTC, marking a continuous downward trend since the onset of the COVID-19 crisis.
Following the COVID-19 Crisis, the percentage of #Bitcoin held across Exchange addresses has been in perpetual decline, dwindling to a current value of 11.7% (2.27M BTC), the lowest recording since Dec-21-2017. pic.twitter.com/HlLwzYwcuJ
— glassnode (@glassnode) June 26, 2023
Since the increased regulatory scrutiny of the cryptocurrency sector by the United States Securities and Exchange Commission (SEC), fears and concerns have led to a migration of Bitcoin off crypto exchanges. This trend has been exacerbated by recent lawsuits against major crypto trading platforms Coinbase and Binance, prompting investors to move their holdings to more secure locations.
Optimism Reignited by Bitcoin ETF Filings
In a positive turn for the crypto industry, asset management giant Fidelity is reportedly on the verge of submitting its filing for a spot bitcoin exchange-traded fund (ETF). This news comes on the heels of BlackRock’s filing for a similar ETF earlier this month. These filings are viewed as a significant vote of confidence for the crypto space, rejuvenating retail interest that had waned following regulatory actions against Coinbase and Binance.
JUST IN: $4.2 trillion asset manager Fidelity to file for spot #Bitcoin ETF.
— Watcher.Guru (@WatcherGuru) June 27, 2023
The declining presence of Bitcoin on exchanges suggests a shift towards alternative storage methods, such as offline wallets, which provide investors with greater control and security over their digital assets. Furthermore, the ETF filings by Fidelity and BlackRock are expected to have a positive impact on the crypto industry, attracting more retail investors who may have been hesitant to enter the market due to regulatory uncertainties.
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