The number of coins held on exchanges has fallen by more 25,000 in two weeks.
The cryptocurrency is expected to hold support above $30,000.
The U.S. Securities and Exchange Commission (SEC) sent out a second note to investors urging to reevaluate bitcoin futures-focused funds.
The drop in market sentiment follows the past week's bitcoin price plunge, according to Arcane Research.
Monday's plunge has erased almost all the gains the leading cryptocurrency had achieved in the new year.
During 2017's bull run, the market peaked at a $760 billion total value.