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06/30 03:11
Bitcoin Exchange Balances Hit 6-Year Low, Sparks S
The number of Bitcoin on exchanges have tumbled to the lowest levels since 2019, indicating long-term hodling and an incoming supply shock.
Bitcoin exchange balances have fallen below 2.9 million BTC to set a new 6-year record amid supply shock expectations. As the number of BTC on exchanges falls, bulls are rubbing their hands in glee at the prospect of a rally for the flagship cryptocurrency.
Bitcoin Exchange Balances Tumble Below 2.9 million
On-chain data from Glassnode has revealed the possibility of an incoming supply shock for Bitcoin. According to the data, the number of Bitcoins on exchanges have taken a hit to fall below the 2.9 million mark for the first time in six years.Per the chart, the Bitcoin balance on exchange has been on a steady decline since mid-April. The balance fell from 3.05 million BTC to under 2.90 BTC at press time with 150,000 coins leaving exchanges to cold wallets. The last time exchange balance slipped below 2.90 million BTC was 2019 with the flagship cryptocurrency going on to gain 233% in the following years.
Bitcoin exchange balances keep plunging, now at their lowest point in 6 years,” said Whale Insider on X.
Typically, a decline in Bitcoin exchange balance signifies a strong investors’ conviction in the asset as investors move coins from exchanges to cold wallets. On the flip side, a spike in exchange balance may signal sell pressure for the asset.
Furthermore, the top cryptocurrency leaving exchanges can trigger a supply shock as buyers jostle to grab available BTC on exchanges, a historical trigger for price rallies. However, Robert Kiyosaki predicts Bitcoin price to collapse in July, despite the bullish metrics around exchange balance.
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