Despite the decline, an important data: scarcity in Bitcoin (BTC)

Bitcoin (BTC), which has been moving in a downward direction lately, was heartened by an important data. According to CryptoQuant's analysis, the amount of BTC on the exchanges has reached its lowest level in 3 years.

According to data dated June 19, the amount of BTC on the exchanges decreased by nearly 10 percent. This data indicates that the selling pressure has decreased and if institutional investors continue to accumulate BTC, it may cause a supply shock.

Bitcoin (BTC) is decreasing in exchanges

According to CryptoQuant data, there are 2,825,703 Bitcoin (BTC) on exchanges. At the beginning of the year, this amount was at 3,039,000. The fact that nearly 200,000 BTC was withdrawn from the stock exchanges in the last six months was interpreted as accumulation.

Cointelegraph noted that low exchange reserves, referred to as exchange balance, could lead to a potential supply shock. As it is known, a similar scenario occurred during the spot Bitcoin ETF period and a sharp rise was seen in BTC.

Spot Bitcoin ETFs, which started trading in January 2024, have seen significant growth, especially in the first few months. Issuers like BlackRock and Fidelity have put pressure on BTC supply. BlackRock's IBIT reached 274,000 BTC.

Last month, inflows into ETFs and products reached $2 billion. According to a report shared by Coinshares, Bitcoin investment vehicles hold $73 billion worth of BTC globally. The report suggested that the US Fed's hawkish (oppressive) attitude caused capital flight to BTC.

“This is really the first wave of early adopters, and I think the next wave is much larger institutions,” Franklin Templeton CEO Jenny Johnson said. He claimed that BTC shortage will increase day by day.

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