The black line is the price of BTC (right axis) and the orange line is the number of BTC coins on all centralized exchanges. (left scale)
Trends since January 11th (when spot BTC trading began). As ETFs absorb the available supply of BTC, 2.3 million BTC are currently held on all centralized exchanges, a 5.5-year low, reflecting a recalibration of supply and demand. It shows that this market is driven by OTC investment in Bitcoin, and it will still take time for altcoins to make up for the increase. It is expected that this summer will usher in the altcoin season carnival.
