The cryptocurrency market remains calm this weekend, Saturday witnessing fewer price movements. Digital coins recorded minor price moves over the past 24 hours, with Bitcoin and Ethereum fluctuating by 0.1% and 0.03% (respectively). However, market players are withdrawing their tokens from exchanges.
Investors withdraw assets from exchanges
The best updates indicated that cryptocurrency players are purchasing & withdrawing their cryptos, specifically Bitcoin and Ethereum, from crypto exchanges. That comes as the market exhibits bearish cues.
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Moreover, the Santiment chart indicated that Bitcoin’s current supply on exchange stands at 5.7%, representing the lowest number since December 2017 – when Bitcoin touched $20K for the first time. Also, Ethereum’s supply stand at lows never witnessed since its debut in 2015, at 10.1%.
Ethereum’s case could have emerged from Ether holders, who prefer staking their tokens than leaving them on exchanges to fetch returns.
Crypto markets still down
Considering these details, the crypto market seems unprepared for bullish rallies, and market players can expect solid price rallies later next year. Moreover, market players have resorted to trading on futures – not spot.
Meanwhile, Bitcoin price seems susceptible to plunging toward the $25K mark. The leading crypto welcomed the weekend on the wrong foot amid pessimistic updates. For instance, Invezz reported Bitcoin options expiry Friday, events that catalyze price swings. Market sentiments remain somewhat bullish, with most participation coming from meme-coiners.
Nonetheless, crypto enthusiasts await massive updates from the Bitcoin 2023 conference, set to end on 20 May (today). Bitcoin 2023 is the largest meeting of BTC supporters. The event has announced several eye-catching developments in the past two days, including Rober Kennedy Jr’s option for BTC donation for presidential campaigns and Indonesia’s plan to join the Bitcoin industry.