The amount of bitcoins at exchanges continues to decline into 2022. In addition, according to an analysis by Priced Bitcoin, the level of cryptoasset on platforms has fallen to numbers not seen since 2019.
In 2022 alone, the number of bitcoins on exchanges fell by about 10%, and more than 200 thousand units of the cryptoasset were transferred from crypto platforms to personal wallets. There are currently 2.4 million units of digital currency spread across exchanges worldwide.
This figure represents the most significant drop in bitcoin volume in the past 40 months. As the supply of the cryptoasset decreases, the price may fluctuate in the coming weeks.
As a result of the bitcoins’ decrease, there is a correlation between their price and supply on the market. Priced Bitcoin’s profile has published a chart showing how the digital currency reacts to the reduced supply at exchanges.
In other words, with the reduction of bitcoins in exchanges, there is an upward trend for bitcoin. However, the price of bitcoin is currently below US$40 thousand after accumulating a devaluation of more than 12% in the last month.
More than 90% of all bitcoins have already been mined. Every four years, the issuance of the cryptoasset is halved through the halving event. All goes to show that in 2024 the next bitcoin halving will take place, where the reward for each block generated in the network will be reduced to 3.25 BTC.