Bitcoin supply hits 7-year low – Is a massive price surge coming?

• Bitcoin’s exchange-held supply just hit a 7-year low, while the spot volume kept rising
• Is BTC gearing up for a breakout few are positioned for?

Despite its choppy price action, bullish conviction in Bitcoin [BTC] remains clear. In fact, recent market moves may be starting to back it up.

Strategically, bulls triggered a $40 million short liquidation near $104,984, pushing BTC back up to $107k with an intraday rally of 1.17% at press time.

However, this liquidity sweep wasn’t just a fluke. In June alone, Bitcoin balances on exchanges dropped from 3.09 million to 2.8 million, highlighting a near 9.4% decline in just one month.

In fact, this drawdown has pushed exchange-held BTC to just 14% of the total circulating supply – The lowest level since 2017