The number of bitcoin on the stock exchanges continues to fall extremely and that seems to be a bullish signal for the digital currency. According to the latest figures, there are now only slightly more than 2 million bitcoin available on the centralized exchange platforms. In the past month alone, almost 111,000 bitcoins disappeared from the exchanges.
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In the last month, almost 111,000 $BTCvalued at approximately $7.55 billion, have been moved out of known #crypto exchange wallets! pic.twitter.com/c7cy4BKvFk
— Ali (@ali_charts) April 6, 2024
Good for bitcoin
That is good for bitcoin and the next halving will take place on April 20. On April 20, the miners’ daily bitcoin production will halve, resulting in only 450 bitcoins per day instead of 900.
In the longer term, this could cause a so-called “supply crisis”. A situation in which there is simply much more demand than supply for bitcoin. The result, of course, was a gigantic price explosion.
For the time being, these price explosions are not happening for a while and the bulls are having difficulty keeping bitcoin permanently above 70,000 dollars.
The attraction of the price of 69,000 dollars, the all-time high of 2021, still seems too strong for the digital currency at the moment. At the time of writing, Bitcoin is also trading just above that at 69,336.
Whales kopen bitcoin
It also currently seems that major investors see a lot of potential in bitcoin. The number of addresses with 1,000 bitcoin or more has increased enormously in recent times, especially after the launch of the Spot Bitcoin ETFs.
That is a positive signal, because the big money usually does not just step into something. Although of course they do not have all the wisdom.
The amount of Bitcoin held by addresses with 1k $BTC or more skyrocketed since the launch of the ETFs!
Since the start of the year, the balance of whales has climbed by 220k BTC (~$14.2B), with 210k of this Bitcoin coming from net inflows into the ETFs. pic.twitter.com/RSEr4DYD21
— IntoTheBlock (@intotheblock) April 6, 2024
This year, the whales’ bitcoin balance is said to have increased by 220,000 bitcoin, for a total of approximately $14 billion worth of bitcoin. 210,000 of those bitcoins are said to come from ETF inflows, which are therefore largely responsible for this positive development.
In any case, there are a few interesting months ahead for the bitcoin price. It is hoped that we will see the continuation of the bull market sometime in Q2-Q3 2024, with a convincing new all-time high for bitcoin.
Source: https://bitcoinmagazine.nl/nieuws/bullish-voor-bitcoin-aantal-btc-op-de-beurzen-hard-omlaag
