Back in January of this year, the figure reached 3,039,000. Low reserves of the first cryptocurrency indicate weak selling pressure and a possible lack of liquidity as demand increases. And this is fraught with a significant increase in volatility in the cryptocurrency market.
American spot ETFs on BTC contributed a significant share to the decline in Bitcoin balances on the wallets of cryptocurrency exchanges. When purchasing shares of these funds, the required amount of the underlying asset is purchased. For example, as of June 8, BlackRock’s IBIT fund held over 300,000 BTC in its wallets, and the total inflow into cryptocurrency funds in May 2024 amounted to $2 billion.
Let us recall that in April of this year the next halving of the first cryptocurrency took place, after which the number of mined bitcoins decreased by half.
