Bitcoin reserves on exchanges are dwindling, and Bybit analysts have presented a hypothetical scenario of a shortage of coins when demand is high. They attribute this to the demand for bitcoins from U.S. spot ETFs.
Assuming that with current exchange reserves of 2 million coins, daily inflows into these ETFs would average $500 million, about 7,142 bitcoins would leave exchange reserves every day. That means it would only take nine months to use up all remaining reserves, the exchange analysts wrote in a piece on the market implications of the bitcoin halving.
After the halving, issuance of new bitcoins will halve. The reduction in supply of coins with high demand, analysts call the prerequisite for price growth "to new records".
In fact, there are just over two days left before the bitcoin halving and bitcoin price sagging before the halving is a common phenomenon. The bitcoin price will not rise immediately after the halving, but the 13500 BTC per month market churn that will begin in 53 hours will certainly affect the price.
In the chart, the blue curve is bitcoin reserves on centralized exchanges, the black curve is the bitcoin exchange rate
Data: Bybit, Cryptoquant
Posted Using InLeo Alpha