Bitcoin

After the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) expanded its <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> gaze on the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency sector</a>, including with <a href="https://finbold.com/coinbase-sued-by-sec-in-new-york-federal-court/" rel="noopener noreferrer nofollow">lawsuits</a> against <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> platforms <a href="https://finbold.com/review/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase</a> and <a href="https://finbold.com/review/binance-review/" rel="noopener noreferrer nofollow">Binance</a>, fears seem to have continued the migration of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) off <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchanges</a>.Specifically, the percentage of <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> held across exchange addresses has been in perpetual decline since the Covid-19 crisis and has shrunk to the current value of 11.7% or 2.27 million BTC, according to the data <a href="https://twitter.com/glassnode/status/1673299646075084800" rel="noopener noreferrer nofollow">shared</a> by <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> and <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analytics platform Glassnode on June 26.As the platform’s team further explained, this is the lowest percentage of the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> on cryptocurrency trading platforms recorded collectively since December 21, 2017, or over a period of more than five years.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/182af4456a334e419082a66c9423301d.jpg" />Bitcoin balance on exchanges. Source: <a href="https://twitter.com/glassnode/status/1673299646075084800" rel="noopener noreferrer nofollow">Glassnode</a>Interestingly, the second-largest digital asset by market cap, Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), has <a href="https://finbold.com/ethereum-non-exchange-addresses-thrive-as-bulls-and-bears-clash-at-1900/" rel="noopener noreferrer nofollow">recorded</a> a similar trend, in which the richest non-exchange <a href="https://finbold.com/guide/crypto-wallets/" rel="noopener noreferrer nofollow">crypto wallets</a> have been hoarding ETH and getting richer, whereas the top exchange addresses are near genesis levels, Finbold reported earlier.<h2 id="header-0">Bitcoin price analysis</h2>At press time, the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset was changing hands at the price of $30,526, showing an increase of 1.20% on the day, as well as a more significant gain of 13.95% on its weekly chart and an advance of 12.38% over the previous month, as per data on June 27.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/16ffc39efeaa448f97525d45daff54de.png" />Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Meanwhile, Bitcoin’s correlation with <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">technology</a>-heavy <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stocks</a> has continued to drop in June following the asset’s recent <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> rally and has fallen to a three-year low, standing at just 3% for the current month as the crypto market charts its own course, as Finbold <a href="https://finbold.com/bitcoins-correlation-with-tech-stocks-falls-to-a-3-year-low/" rel="noopener noreferrer nofollow">reported</a> on June 26.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin held on exchanges drops to lowest in over 5 years amid SEC lawsuits

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Finbold

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