Exchange supply hits bottom at 1.7M BTC, price to rise?

BTC exchange reserves have hit a new all-time low, falling to nearly 1.7M Bitcoin. This significant drop has sparked discussions about the potential for price increases. The surge is expected to be driven by a combination of demand shocks and inelastic supply dynamics.

Apollo co-founder Thomas Fahrer highlighted the current market sentiment in an article on X. He said, "BTC trading reserves are at an all-time low. The second wave of ETF fund flows is just in time.

Foreign exchange reserves are a key indicator for understanding market dynamics. They represent the cumulative result of foreign exchange inflows and outflows. In addition, a downward trend in foreign exchange reserves indicates a decrease in selling pressure because fewer tokens are available for sale on exchanges. Conversely, an increasing trend usually indicates that more tokens are entering the market, increasing selling pressure. The current decline in BTC trading reserves means that market participants are withdrawing their BTC from exchanges.

BTC has shown signs of reversal after rebounding above $67,000 after losing momentum earlier. However, BTC 24-hour price changes are still in the red. Ambush potential coins in advance, click on my avatar to find me. Welcome to like, follow, collect and forward. #BTC🔥🔥🔥🔥🔥