Bitcoin Supply Squeeze? Exchange Reserves At 18-Month Lows
Portfolio Pulse from Murtuza Merchant
Bitcoin's availability on cryptocurrency exchanges has reached an 18-month low, with over 90,000 bitcoins withdrawn in the past month, indicating a trend towards long-term holding. Factors such as rising Bitcoin prices, potential ETF approvals, and the upcoming Bitcoin halving event are contributing to this trend. However, recent data from Glassnode shows a shift from long-term to short-term holders, suggesting potential short-term volatility. The overall trend still points to long-term confidence in Bitcoin.
April 04, 2024 | 7:29 pm
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NEUTRAL IMPACT
Bitcoin's reduced availability on exchanges and the shift from long-term to short-term holders indicate potential short-term volatility but long-term confidence.
The withdrawal of over 90,000 bitcoins from exchanges suggests a strong long-term holding sentiment among investors, driven by factors like rising prices and potential ETF approvals. However, the recent shift from long-term to short-term holders, as reported by Glassnode, introduces an element of short-term volatility. Despite this, the overarching trend of long-term confidence remains intact, suggesting a neutral short-term impact but a positive outlook in the long run.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90