Bitcoin has brought cheerful news for Merry Christmas, the supply squeeze is depleting at the historic rate. The everlasting demand for the flagship asset has been on the rise over time as the share of coins left on exchanges depleting constantly.
There has been increased demand from institutional investors such as Microstrategy and others. On the other hand, Grayscale’s Bitcoin holdings are mounting at a higher rate and El Salvador is constantly buying the dip to strengthen its financial economy.
Just 6.3% of BTC is Left On Exchanges!
A new year is just around the corner and there comes the good news of the Bitcoin supply squeeze. Whilst the crypto fraternity is enjoying the holiday season, exciting analytics from Cryptorank reveal a depleting supply of the flagship asset. However, the report confirms that just 6.3% of supply worth 1.3 million BTC is leftover exchanges.
Notably, amongst 1.3 million BTC 583k BTC is leftover on Coinbase and 329k on Binance. Whilst the supply is gradually drying up to bottom support, traders might FOMO soon to acquire the asset. Besides, the illiquid supply is ceaselessly growing apart leaving the liquid to an illiquid state is now 100k BTC per month.
A crypto metric platform Glassnode unveiled that BTC’s exchange inflow volume of 7 days MA reached a 5-month low of 978.452 BTC. This would further continue to dwindle with less BTC sent to exchanges as traders’ confidence is high on the flagship asset.
Collectively, Bitcoin rise appears to be inevitable with its everlasting demand. Besides, the liquid supply is gradually moving to cold storage showcasing rising traders’ confidence toward the asset. As a whole, the flagship asset is not ordinary anymore with record-breaking adoptions by mainstream firms.