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Bitcoin Trades Below $47K Amid Bitcoin Exchange Supply Recording 31-month Low

There’s currently a massive sell-off in the crypto market with the Bitcoin price declining below $47,000 on Monday, December 13.

So, at the time of writing, Bitcoin is looking to make recoveries from Monday lows, trading at $47,198. Of course, having its market cap sitting at $890 billion.

However, despite the Bitcoin price crash, the BTC supply at the exchanges is reducing simultaneously. Thereby, toyching a 31-month low according to information from on-chain data provider Santiment.

“Bitcoin’s supply on exchanges hasn’t been this low in 31 months,…”
“according to @santimentfeed data. Prices have been volatile as of late,…”
“but the lack of $BTC moving to exchanges right now is a positive sign that major selloff risk should be limited.”

Furthermore, still many are comparing the recent market crash to that in May 2021. Of course, seeing that Bitcoin (BTC) price is seeing correction of nearly 40% from its all-time high of $69,000.

More so, Crypto market analyst Will Clementele confirms one key difference between May’s correction and the current one.

So, according to him, there are major sell-off by strong hands in May, but now strong hands are buying.

“From an on-chain perspective, here’s the key difference between now and May:”

“In May: Previously strong hands became weak hands”

“Now: Strong hands buying from weak hands” — Will Clemente (@WClementeIII) December 14, 2021

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.