Summary
- It was reported that the Bitcoin (BTC) balance on major exchanges has dropped to less than 15% of the total supply.
- It was stated that as both BTC circulating supply on exchanges and OTC platforms are decreasing, a market 'supply shock' is intensifying.
- It was analyzed that as a result, there is a high possibility this could lead to upward price pressure in the future.
According to the cryptocurrency-specialized media outlet Cointelegraph on the 1st (local time), the Bitcoin (BTC) balance held on major exchanges has dropped to less than 15% of the total supply. This is the first occurrence since 2018.
The outlet reported that the BTC balance on over-the-counter (OTC) platforms has also decreased by 21% since January this year, indicating that a 'supply shock' is taking hold in the market.
It further analyzed, "With BTC circulating amounts decreasing on both exchanges and OTC platforms, there is a strong possibility this will lead to upward price pressure going forward."
Meanwhile, as of 03:02 on the 2nd, BTC was trading at $106,237.26 on the Binance Tether (USDT) market, down 1.21% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
