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Bitcoin exchange reserves indicator falls to three-year low
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Author: Vince Quill, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
According to data from June 19, 2024, Bitcoin exchange reserves (that is, the total amount of Bitcoin available on exchanges) have fallen to their lowest level in 3 years.
Analysis by CryptoQuant shows that there are currently 2,825,703 Bitcoins remaining on exchanges. In January 2024, the balance of Bitcoin exchanges hovered around 3,039,000.
Lower exchange reserves (sometimes called exchange balances) indicate lower selling pressure and potential supply shocks due to the relatively small amount of supply available for purchase.
Bitcoin exchange balance as of June 19, 2024. Source: CryptoQuant.
Pressure from Bitcoin ETF
After the United States approved the Bitcoin ETF in January 2024, the increase in holdings by asset management companies such as BlackRock put additional pressure on the supply of Bitcoin. As of June 6, BlackRock’s iShares Bitcoin Trust (IBIT) held approximately 274,000 Bitcoins. BlackRock’s ETF is just 1 of 11 Bitcoin ETFs currently trading in the U.S.
Monthly inflows into digital asset funds reached $2 billion in May 2024, driven primarily by inflows into Bitcoin investment funds and products. According to the June 17 Coinshares Weekly Fund Flows Report, Bitcoin investment vehicles hold nearly $73 billion in Bitcoin worldwide.
However, the same report also showed that Bitcoin investment vehicles saw weekly outflows of $621 million in the week ending June 15, 2024. This was the largest and most significant outflow since the week ending March 22, 2024.
Coinshares speculates that the Fed’s “more hawkish than expected” rhetoric, suggesting that the Fed will maintain high interest rates, has led to capital flight from fixed supply assets such as Bitcoin.
Despite the increase in institutional interest, industry experts such as Franklin Templeton CEO Jenny Johnson believe that institutional adoption has not yet fully unfolded. “This is really the first wave of early adopters, and I think the next wave is larger institutions,” Johnson told an interviewer on CNBC.
If Johnson’s prediction comes true, institutional capital will continue to flow into Bitcoin, putting additional pressure on low exchange supply in the coming months.
April 2024 Halving
In addition, after the April 2024 halving event, Bitcoin’s supply will be further limited by the reduction in block mining rewards.
Before the most recent halving, miners received 6.25 Bitcoins for each successfully mined block, while after the halving, miners will receive 3.125 Bitcoins for each successfully mined block.
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