Bitfinex analysts say the supply of bitcoin on exchanges by long-term investors has fallen to its lowest level in 18 months. Combined with supply constraints from the upcoming halving, this dynamic could lead to further price increases, the analysts added. Bitcoin holders are currently behaving in the same way as they did before the bitcoin market rallied sharply in December 2020.
"This pattern suggests that we may be entering a similar phase of growth," the analyst added. In July 2021, the Bitcoin trading reserve hovered around the 2.80 million mark, but has now dropped to around 1.94 million, indicating a decrease of about 862,000 since CryptoQuant began recording this metric.
Bitfinex analyst: Bitcoin supply for long-term investors has fallen to its lowest level in 18 months
2024-04-16 11:28:36
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