According to crypto analytics firm Santiment, the supply of Bitcoin (BTC) and Ethereum (ETH) on exchanges has hit a five-year low.
According to Santiment, the trend of moving assets from centralized exchanges to self-custodial has increased after the collapse of FTX.
The collapse of FTX caught many investors by surpriseHowever, most retail investors suffer the most, resulted in people losing faith in centralized exchanges and shifting their assets to self-regulatory.
👋 The trend in #crypto, especially since September, has been coins quickly moving to self custody. This trend picked up after the #FTX collapse. Regardless, with both $BTC and $ETH around 5-year low exchange supplies, future sell-offs will be limited. pic.twitter.com/10ksxRamkx
— Santiment (@santimentfeed) February 28, 2023
Furthermore, Bitcoin (BTC) and Ethereum (ETH) having the lowest supply on exchanges in 5 years could be a bullish sign.
This means there is less chance of a sell-off from investors. Bitcoin (BTC) is hovering around mid-$23,000 after failing to break through the $25k resistance.
Furthermore, the quantity Bitcoin whales have fallen significantly.
According to Dune , the Ethereum staking rate is currently around 14%. In contrast, the staking rates of other proof-of-stake (PoS) blockchains such as Cardano (ADA) and Solana (SOL) is more than 70%.
However, the amount of ETH staking is expected to increase after the much-awaited Shanghai upgrade. The Shanghai upgrade will eventually allow staking ETH to be unlocked. Many expected a sell-off, but the majority Staking ETH is losing money so a sell-off is unlikely.
The Shanghai upgrade has also led to an increase in the popularity of liquid staking.
VeChain: Who owns the highest number of VETs?
According to data from DeFi Llama, nearly $14 billion in digital assets have been placed in 71 liquid staking systems.
Synthetic Kyptos
