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Bitcoin Supply Dives After $2.3B Whale Transfer: Good News For DEX?

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A Bitcoin BTC/USD Whale has suddenly become active, with $2.26 billion worth of BTC transferred out of its possession.

What Happened: Data from Santiment, an on-chain analytics tracker reveals that the owner of this address is believed to be Binance, one of the largest cryptocurrency exchanges in the world.

“Through 4 transactions, this wallet has moved $2.26B worth of BTC out of its possession. Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%,” Santiment data tracker tweeted.

See More: Is Bitcoin a Good Investment?

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Why It Matters: The amount of Bitcoin held on exchanges is at its lowest ratio since December 2017, as per Santiment.

This suggests that there’s increased interest in self-custody among traders, which promotes decentralization.

“The five and a half year low is a good sign of increased interest in self custody for traders, and less potentially at risk to be sold back to exchange wallets,” Santiment said.

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This comes a day after Binance experienced difficulties in processing transactions on the Bitcoin network. The issue had to do with the significant number of pending transactions and record-high fees, prompting Binance to temporarily halt Bitcoin withdrawals.

Price Action: At the time of writing, BTC was trading at $27,570 down 2.16% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Tumble Amid Binance Congestion Chaos: Analyst Bearish On ETH, Predicts Drop Below $1.7K

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