Bitcoin's Exchange Supply Dropped By 40K In 2 Days: Supply Shock Coming Or 'Enough Liquidity To Go Around'?
Portfolio Pulse from Khyathi Dalal
Bitcoin's exchange supply has dropped by 40,000 BTC, worth $2.4 billion, over the past two days, indicating a potential supply shock. Despite this, Bitcoin's price remains bearish. Analysts suggest that the declining supply could reduce selling pressure and potentially lead to a bull market if demand increases.
August 30, 2024 | 3:05 pm
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Bitcoin's exchange supply has decreased by 40,000 BTC, potentially reducing selling pressure and setting the stage for a bull market if demand rises. However, the price remains bearish.
The significant drop in Bitcoin's exchange supply suggests reduced selling pressure, which could lead to a price increase if demand rises. However, the current bearish price action indicates that the market has not yet reacted positively to this supply change.
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