The market lacks Bitcoin 🫣🫣🫣
Credit organizations are increasingly interested in buying coins from miners. According to Genut, this is due to the fact that there is currently a shortage in other places they are used to.
Hut 8 is one of the largest publicly traded Bitcoin mining companies. According to the latest data, the miner owns digital assets worth a total of $600 million. This makes it the fourth largest holder of BTC among public firms.
"Banks approached us to try to buy our bitcoin due to the lack of supply on various exchanges," Genut said.
Centralized Exchanges (CEX) Coin Shortages Caused by the Launch of Spot Bitcoin ETFs in the US. Since its launch in January of this year, the inflow into the new instrument amounted to more than $12 billion.
In addition, the supply shortage also favors the upcoming halving. The event, scheduled for April 20, will cut the reward for a mined Bitcoin block in half, from 6.25 BTC to 3.125 BTC.
“The 50% reduction in supply — from 900 to 450 BTC per day — also has a big impact because now demand is increasing and supply is decreasing. This is a double whammy from the point of view of the growth of the price of bitcoin, Genut emphasized.
