Data shows the Bitcoin exchange reserve has now declined to just 12.2% of the total supply, after investors withdrew 123.5k BTC this month.
Bitcoin Percent Supply On Exchanges Shrinks To 12.2%
According to the latest weekly report from Glassnode, exchange balances reduced by 0.86% of the supply in October alone.
The relevant indicator here is the “percent balance on exchanges,” which measures the percentage of the total Bitcoin circulating supply currently sitting in the wallets of all exchanges.
When the value of this metric goes up, it means exchanges are receiving a net number of coins right now. Such a trend, when prolonged, could be bearish for the value of the crypto as it may be a sign of dumping from investors.
On the other hand, a decline in the indicator suggests investors are withdrawing a net amount of BTC at the moment.
Now, here is a chart that shows the trend in the Bitcoin percent…
