According to U.Today, a significant amount of Bitcoin (BTC) has been moved out of known crypto exchange wallets in the last month. Nearly 111,000 BTC, valued at approximately $7.55 billion, were transferred, indicating a reduction in BTC supply on exchanges. This trend suggests that more investors are choosing to store their Bitcoin in private wallets rather than on exchanges, possibly leading to a supply crunch where demand surpasses available supply. This could potentially set the stage for a bullish rally.
Institutional adoption of Bitcoin has also seen a recent surge. These institutional investors may prefer to secure their holdings in private wallets or cold storage for long-term purposes. On April 4, crypto analyst Ali reported that 21,400 BTC, worth around $1.40 billion, were moved to accumulation addresses that have never spent funds in a single day.
On-chain analytics firm IntoTheBlock has reported that Bitcoin ETFs have accumulated more than 4% of the BTC supply in less than three months. The amount of Bitcoin held by addresses with 1,000 BTC or more, known as 'whales,' has dramatically increased since the inception of the ETFs. The aggregate balance of whale addresses has reached its highest point since June 2022. This year, the balance of whales has increased by 220,000 BTC, totaling $14.2 billion, with 210,000 of these BTC coming from net inflows into ETFs. This has pushed Bitcoin to new all-time highs, contributing to increased demand for crypto assets. At the time of writing, BTC was up 2.23% in the previous 24 hours to $69,286.
