Bitcoin (BTC) may have shed $10,000 in a week but the cryptocurrency’s “supply crisis” is more real than ever.
According to the latest data from on-chain monitoring resource Glassnode, exchange BTC reserves are at an all-time low.
Everyone wants BTC
In a telling depiction of investor strategy, exchange reserves have plummeted in recent months — and have continued dropping despite mixed price action.
Hodlers, it seems, want to hodl rather than trade or sell, even at all-time highs above $60,000.
At Coinbase, the largest U.S. exchange by volume, BTC stocks have crashed by nearly $8 billion at current prices, or 150,000 BTC, since January.
A favorite venue for largescale institutional buyers, Coinbase underscores persisting appetite for Bitcoin, Cointelegraph previously reporting on large tranches of BTC leaving its books for cold storage.
Coinbase BTC balance chart. Source: Bybt
“IMO what’s happening is US institutions and HNWI are scooping up the available coins from weak hands and locking it up as strong HODLers in response to monetaryTitle: Bitcoin buyers mean business as Coinbase reserves drop $8B in 3 months
Sourced From: cointelegraph.com/news/bitcoin-buyers-mean-business-as-coinbase-reserves-drop-8b-in-3-months
Published Date: Fri, 26 Mar 2021 11:35:07 +0000