In early April, Bitcoin (BTC) exchange reserves hit historic lows, dipping below 2 million BTC. This drop, representing less than 10% of Bitcoin's circulating supply, raises concerns about a looming supply shock.
According to data from CryptoQuant, as of April 8, exchange addresses held approximately 1.94 million BTC, constituting about 9.8% of Bitcoin's circulating supply, which stands at 19.67 million coins.
Since reaching a peak of 2.85 million BTC in July 2021, exchange reserves have been on a steady decline. This trend reflects investors withdrawing their Bitcoin holdings from exchange custody, indicating an intent to hold rather than trade or sell.
Meanwhile, BTC is currently trading at $69,892, inching closer to the psychological resistance level of $70,000.
Bitcoin reserves in exchanges. Source:CryptoQuant
A supply shock in the Bitcoin market occurs when the available supply on exchanges suddenly contracts amid rising demand. This dynamic typically leads to increased buying activity and reduced selling pressure, thereby driving prices upward.
One key factor contributing to a supply shock is a significant decrease in exchange reserves due to substantial withdrawals. This reduction in available supply for trading can trigger a notable uptick in Bitcoin's price.
Furthermore, the Bitcoin halving event, occurring roughly every four years, exacerbates supply shocks. After each halving, the issuance of new Bitcoins awarded to miners is halved, further constricting the supply.
Bitcoin Magazine highlights the imminent potential for a supply shock, considering these factors. The combination of dwindling exchange reserves and reduced new supply post-halving intensifies economic effects. Consequently, heightened demand for BTC amid diminishing supply could catalyze a sharp price increase.
Bybit, a major cryptocurrency exchange, has expanded its supported cryptocurrencies to 32, reflecting substantial user asset growth. The latest reserve report highlights increased diversity and user engagement, particularly in Bitcoin, Ethereum, and Tether. This strategic move aligns with Bybit's commitment to meeting evolving market demands.
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