1 in 5 Bitcoin Price Metrics That Could Hint at a New ATH in 2024

Bitcoin Exchange Supply Continues to Fall

Data from CryptoQuant suggests that the possibility of Bitcoin hitting a new record high is becoming increasingly likely, with the supply of BTC on online exchanges dropping to its lowest level in nearly five years.

As of October 15, centralized cryptocurrency exchanges held around 2.68 million BTC, down 20% from a high of 3.37 million BTC in July 2021. The decline comes as the price of $BTC Bitcoin has surged 55% year-to-date.

The falling supply on exchanges suggests that traders prefer to hold BTC rather than sell it for fiat or other digital assets. This also increases the likelihood of Bitcoin continuing its bullish momentum in 2024