The turn signal has arrived: Bitcoin scarcity has begun!

The amount of Bitcoin (BTC) on crypto exchanges has fallen to its lowest level of the year, analysts said "bullishness is beginning".

Despite the decline in BTC prices, the appetite for buying by large wallets has not diminished. The demand for “accumulation” in BTC, which is traded between $58,000 and $60,000, continued.

According to on-chain data analysis platform CryptoQuant, the amount of BTC on exchanges has decreased by approximately 12.9 percent since January 1. Analysts who evaluated the BTC shortage in question predicted that a supply shock could occur in the near future.

“Bitcoin reserves reaching their lowest levels of the year on exchanges indicate that selling pressure is decreasing and if demand continues to increase, the bull market can be supported.”

CryptoQuant, reporting that there are a total of 2.62 million BTC left on exchanges, reported that asset owners are turning to cold wallets. Whales are withdrawing their assets from exchanges and moving them to their personal wallets in order to wait for the next market rise.

“When there is less Bitcoin on exchanges, there is less liquidity for immediate sale,” said Gaah, indicating that a more resilient market environment will emerge.

Crypto analyst MartyParty touched on the scarcity of BTC in his post published on August 27. Analyst followers who said, “Something is happening”

An analyst using the pseudonym Bitcoin for Freedom stated that 56 thousand BTC has been withdrawn from exchanges since August 22. Expressing bullish expectations, Bitcoin for Freedom said, “The supply shock will come soon.”