Bitcoin Exchange Supply Hits 28-Month Low

Bitcoin investors have dealt with volatility and turbulence this month, September 2021. The world’s leading coin has maintained a slipping stance, retracing by nearly 15% since the month started. Meanwhile, BTC’s on-chain fundamentals still depict strength.

According to Santiment, an on-chain data provider, Bitcoin supply at crypto exchanges plunged to a 28-Month floor. That was after hitting the levels recorded in 2019 May. Such stats comes after Bitcoin’s struggles over the past month. The crypto asset has never recorded stable uptrends since touching its record high early this year.

At the same time, Tether stablecoin has seen supply on exchanges rising. That shows heightened buying momentum by cryptocurrency investors. Are market enthusiasts shifting their focus to stable assets as Bitcoin witness turbulence?

Nevertheless, cases of whale purchases appeared to rise during the current dip. Large addresses have been active as BTC price undergoes wild movements. Institutions seem interested in buying the dip. For instance, El Salvador added its Bitcoin holdings when the asset dipped beneath $44K some few weeks ago.

On the developments side, the BTC Lightning network registered impressive actions. The BTC Lightning Network attained a new ATH capacity as far as node count, channel capacity, and channel count are concerned.

Cryptocurrencies Turbulence

As stated earlier, the crypto market saw wild sessions this month. After a lucrative opening early on the week, the cryptocurrency spectrum shows pressure. The negative sessions had the global market cap dropping by 4%. At the moment, BTC trades at $42,551 after losing 3.5% of its value. That had its capitalization hovering at $801 billion.

Meanwhile, ETH is on the same path. The world’s leading altcoin failed to sustain levels beyond $3,000, dropping 5.77% to $2,942. Also, Cardano witnessed another 4% loss, finding it challenging to keep the support around $2. As far as the near-term outlook is concerned, bears overpower bulls. However, any mistake to lose $2 will translate to further declines.

Uniswap has lost around 8.62% after gaining massively on Monday to trade at $22. 67 at this writing. The altcoin market declined by over $50 billion over the past 24 hours.

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