Bitcoin rose by 27% amid depletion of coin reserves on exchanges.
Since May 1, Bitcoin has risen in price by 27% amid an unprecedented depletion of coin reserves on cryptocurrency exchanges. The number of bitcoins on the balance sheet of exchanges has dropped to a historical minimum. Just in time for the second wave of capital inflows into ETFs. Supply shock + inelastic supply = going to the moon
Farep's forecast for the growth of the cryptocurrency exchange rate came true within a few hours. On May 20 in the evening Moscow time, the price of Bitcoin flew up and at night reached $71,947, thus increasing by almost 8%.
From Monday to Tuesday, traders bought much fewer coins than, for example, on May 15, when the cost of BTC increased by 8%. It is obvious that an increase in the exchange rate of a coin by the same amount as a percentage, despite a decrease in trading volume, indicates a small number of selling coins due to depletion of reserves
If the crypto vaults of the exchanges are not replenished with bitcoins, then it will be easier for the bulls to push the cryptocurrency rate up. In this case, the upward trend in the BTC market may accelerate, as a result, the cost of coins will exceed the historical maximum reached at $7,794 in March.
