Editor's PiCK
[Analysis] "Bitcoin Faces Supply Pressure... Likely to Lead to Price Increase"
Doohyun Hwang
Summary
- 10X Research analyzed that if the supply pressure on Bitcoin continues, it will lead to a price increase.
- 124,000 Bitcoins have been withdrawn from centralized exchanges, intensifying the supply pressure.
- The introduction of Bitcoin Spot ETFs is expected to strengthen this scenario and contribute to the price increase.
Bitcoin (BTC) is facing supply pressure, which is likely to lead to further price increases, according to analysis.
On the 13th (local time), 10X Research reported that "124,000 Bitcoins have been withdrawn from centralized exchanges over the past 30 days. Coinbase and Binance saw outflows of 72,000 and 29,000 Bitcoins, respectively."
They further explained, "If this trend continues while demand remains steady, the market will face significant Bitcoin supply pressure," adding that "the introduction of Bitcoin Spot ETFs will further strengthen this scenario, eventually leading to a price increase."
Meanwhile, Bitcoin is trading at around $101,900 on the Binance Tether (USDT) market, up 2.6% from the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
