Bitcoin Whales Buy The Dip: Supply on Exchanges Drops to Lowest Level Since December 2022
The post Bitcoin Whales Buy The Dip: Supply on Exchanges Drops to Lowest Level Since December 2022 appeared first on Coinpedia Fintech News
The Bitcoin (BTC) supply on centralized cryptocurrency exchanges has continued to shrink in the past few months, as expected. Recent positive events worldwide have triggered the mass accumulation of the flagship coin. For instance, the recent fourth Bitcoin halving has reduced the coin’s annual inflation below 2 percent.
Additionally, the approval of several spot Bitcoin exchange-traded funds (ETFs) in various jurisdictions has accumulated more than 1 million coins, accounting for about 5 percent of the total supply. On Wednesday, Fidelity’s FBTC led US spot Bitcoin ETFs with $50.6 million in cash inflows, thus a net cash inflow of about $100.8 million.
Bitcoin Whales Take Advantage of Market Dips
Bitcoin’s supply on exchanges has now dropped to its lowest level since December, 2021 (~942K coins). Meanwhile, Ethereum and Tether are moving back on. Historically, there is less drop-off risk for all of crypto while $BTC’s available supply to be sold is limited. pic.twitter.com/vGv0q6esxx
— Santiment (@santimentfeed) June 13, 2024
According to on-chain data analysis provided by Santiment, Bitcoin’s supply on exchanges has dropped to multi-year lows of about 942k coins. This notable decline has coincided with increased regulatory clarity around the world, thus onboarding more institutional investors.
For instance, Brazil’s largest bank, Itau Unibanco, launched crypto trading to all customers on Wednesday.
$BTC: Are whales still buying?
“More than 20,000 #Bitcoin flow to whale wallets. It appears that the whales took advantage of yesterday’s correction in Bitcoin and accumulated additional quantities.” – By @abramchart
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https://t.co/OAXOA5uBFz pic.twitter.com/KUDnP6BVyb
— CryptoQuant.com (@cryptoquant_com) June 12, 2024
Meanwhile, CryptoQuant’s data revealed that more than 20k Bitcoins moved to addresses associated with crypto whales in the past few days following heightened volatility.
The prospects of United States interest rate cuts later this year, fueled by upcoming elections and similar moves by the European Central Bank (ECB) and Bank of Canada, have increased overall crypto-bullish sentiments.
Midterm Price Targets
$BTC Descending Broadening Wedge on the Daily Timeframe Chart is Still in Play.
Bitcoin bulls need to clear the $71.3k Resistance to confirm the breakout.
Once the wedge breakout happens, the bulls’ party will start.
#Crypto #Bitcoin #BTC pic.twitter.com/uqsQGVcEaH
— Captain Faibik (@CryptoFaibik) June 13, 2024
Bitcoin’s price has ranged below $72k and above $61k in the past four months without a clear breakout. According to a popular crypto analyst alias Captain Faibik, the price must consistently close above $72k to secure a rally toward $90k in the near term.