Bitcoin balances on exchanges are at record lows!
In the beginning of 2024, the total Bitcoin held across all cryptocurrency exchanges stood at approximately 2,720,000 BTC.
Fast forward nine months, and this figure has plummeted to a record low of just 2,340,000 BTC. This marks a significant reduction of 380,000 BTC—a 14% drop in available Bitcoin on exchanges.
What does this mean for the market?
Supply Crunch in the Making We know that only 450 new Bitcoin are mined and introduced to the market each day, totaling 164,250 BTC annually. The drop of 380,000 BTC in just 9 months means that exchanges have lost a whopping 2.3 years’ worth of new supply.
This reduction in exchange balances is not just a number on a chart—it's a sign that the available supply of Bitcoin for buyers is shrinking faster than it's being replenished. As we know, the basic law of supply and demand tells us that when demand stays constant or rises while supply shrinks, prices tend to surge. This is now evident in October and now November where Bitcoin has pushed over 46.42% in these months from $92,337 AUD per coin, to $135,352 per coin.
Demand on the Horizon? Bitcoin is unique in its limited supply, with only 21 million BTC to ever exist. As more investors and institutions remove their coins from exchanges, signaling long-term holding strategies, the available supply for buyers diminishes even further. If demand picks up as we head into the next Bitcoin halving in 2024, we could witness explosive price action as the forces of demand begin to overpower the shrinking supply.
Are you prepared for what’s to come?
Key Takeaway: The reduction in exchange Bitcoin balances points toward a possible supply squeeze.
With demand likely to rise over time, this creates the perfect storm for Bitcoin prices to make substantial moves.
Stay tuned and keep accumulating—because when supply tightens, history shows that explosive moves follow.
Thank you for reading.
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