According to data from June 19, 2024, Bitcoin exchange reserves, the total amount of Bitcoin available on exchanges, fell to a three-year low.

Analysis from CryptoQuant reveals there are currently 2,825,703 Bitcoin (BTC) remaining on exchanges. In January 2024, the Bitcoin balance on the exchange hovered around 3,039,000.

Low exchange reserves, sometimes called exchange balances, indicate low selling pressure and the potential for a supply shock due to the relatively low amount of supply available for purchase.

Bitcoin Exchange Balance as of June 19, 2024 | Source: CryptoQuant

Pressure From Bitcoin ETF

After the Bitcoin ETF was approved in the United States in January 2024, accumulation from asset managers such as BlackRock placed further pressure on Bitcoin supply. As of June 6, BlackRock's iShares Bitcoin Trust (IBIT) held approximately 274,000 Bitcoin. BlackRock's ETF is just one of 11 Bitcoin ETFs currently trading in the United States.

In May 2024, monthly inflows into digital asset funds reached $2 billion, primarily driven by inflows into Bitcoin funds and investment products. According to Coinshares Weekly Money Flow report on June 17, Bitcoin investment vehicles hold nearly $73 billion in Bitcoin globally.

However, the same report also revealed that Bitcoin investment vehicles recorded outflows of $621 million during the week of June 15, 2024. This is the largest and most significant outflow since the week of June 15, 2024. of March 22, 2024.

Coinshares believes that “more hawkish than expected” comments from the US Federal Reserve, hinting that the Fed will keep interest rates high, have led to capital flight from fixed-supply assets such as Bitcoin. .

Attention From Organizations

Despite increased interest from institutions, industry experts such as Franklin Templeton CEO Jenny Johnson believe institutional adoption has not really taken off. “This is really the first wave of early adopters, and I think the next wave is much larger organizations,” Johnson said in an interview on CNBC.

If Johnson's prediction comes true, institutional capital will continue to flow into Bitcoin, putting more pressure on exchange supply in the coming months.

Halving Event April 2024

Additionally, Bitcoin supply is further limited by the block reward reduction following the halving event in April 2024.

Before the most recent halving, miners received 6.25 Bitcoins for each block they successfully mined, after the halving miners only received 3.125 Bitcoins for each successfully mined block.

Source: https://tapchibitcoin.io/luong-du-tru-bitcoin-tren-san-Giao-dich-cham-muc-thap-nhat-trong-3-nam.html