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Bitcoin exchanges reserve drops to historical low, may sprint towards $120,000!
Recently, the price of Bitcoin has soared, breaking through the historical peak of $108,000, attracting the attention of many retail investors, especially after U.S. President Trump proposed the establishment of a national Bitcoin reserve, sparking heated discussions. One of the important driving forces behind this surge is the sharp decline in foreign exchange reserves, which has now reached a historical low of 2.4 million Bitcoins.
With supply falling short of demand, the pace at which Bitcoin approaches $120,000 seems to be getting closer.
Historical low of Bitcoin exchange reserves
This trend reflects a shift in investor attitudes towards Bitcoin, especially among institutional investors. They are increasingly adopting a "long-term holding" strategy, withdrawing Bitcoin from exchanges and converting it into long-term collections.
This indicates institutional investors' strong confidence in the future of Bitcoin, as they are optimistic about the potential of this cryptocurrency.
Potential risks in the future still need attention
Although the supply-side trend is positive, Bitcoin's demand still faces some uncertainties.
Despite the soaring Bitcoin price, the Coinbase premium index has declined. This indicates that the recent price increase may not be entirely driven by U.S. demand, raising concerns about whether the mid-term rise of Bitcoin can be sustained.
Is the 21 million supply of Bitcoin a lie? BlackRock sparks controversy
Bitcoin may soon touch $120,000
As reserves decrease and Bitcoin scarcity intensifies, its price continues to rise. In early 2024, the price of Bitcoin was around $40,000. By November, it had surpassed the $100,000 mark, even reaching a new high of $108,000.
As Bitcoin supply tightens, demand remains strong. Experts predict that from the end of 2024 to 2025, Bitcoin may continue to set new price records. If the current trend continues, Bitcoin is expected to reach new highs, potentially breaking through the $120,000 mark.
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