Bitcoin supply on BitMEX drops while Bitfinex, Kraken report rise
At the time of writing, Bitcoin’s price had attained some form of stability after the king coin pumped from $6200 to $6700 within a matter of 4 hours. However, such pumps have been the exception, rather than the norm over the past few weeks, with almost $2.7 million Futures contracts being set-off on BitMEX when Bitcoin was between $6200-$6300. Contributing to the negative sentiment was Bitcoin’s supply held on BitMEX, a figure that has been noting a freefall over the past two weeks, according to Coin Metrics’ recent report.
The fall began with the massive liquidations that took place on 13 March. On the given date, the BitMEX exchange held a total of 315k BTC, but on 29 March, this value had fallen to 244k BTC.
BitMEX was not the only exchange to report a reduced volume of BTC held on the exchange. Other prominent exchanges like Binance, Gemini, Bitstamp, Poloniex, and Huobi, also reported a fall in their Bitcoin balance. In fact, Kraken and Bitfinex remained the only two exchanges to note an increase in their BTC supply. The growth recorded by both was 1% each.
Apart from the reduced supply, the Coin Metrics Bletchley Index for Bitcoin was among the worst performers over the past week, recording only 0.4% growth. CMBI Bitcoin, along with CMBI Ethereum, were outperformed by Bletchley multi-asset indexes.
Most other Bletchley indexes experienced intra-week highs of over 10% above last week’s close. However, as the week progressed, all indexes collapsed significantly through the weekend and finished up between 0 and 5%. Bletchley 40 or the small-cap assets finished strongest over the past week, recording 5% against the U.S. dollar and 3.5% against Bitcoin.