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Bearish trend - We haven't broken the record this week, but it's a significant new “disappearance” on cryptocurrency trading platforms. The dynamics are as follows: the more time passes, the fewer bitcoins stored on exchanges - they disappear from circulation.
14,758 less bitcoins last week for sale on exchanges
This is probably the most obvious impact: the scarcity of supply available on exchanges tends to create an imbalance pushing the price up (scarcity of supply).
Be careful of declaring victory too quickly in the short term, since it is possible to influence this offer by monopolizing the dollar or another counterpart via derivatives. They have multiplied in recent times, and you can use them on most platforms for individuals: FTX, Kraken, Bitfinex, to name a few.
However, we should not be overly measured either, since this trend is very real, and these derivative products have always existed. They may also reflect behavior: an institutional accumulation!
295,595 fewer bitcoins in 2020
Here are some impressive statistics from the start of the year to convince you:
- Last week, 14,758, or around $ 150 million, were released from mainstream marketplaces;
- Since the beginning of the year, 295,595 bitcoins have disappeared;
- In early June, almost 30,000 bitcoins were withdrawn in 24 hours!
In orange: the amount of bitcoins in circulation on exchanges; in black, the price of Bitcoin
Rest assured. There are still exactly 2,622,421 left and there will be enough for absolutely everyone. No shortage on Bitcoin… as long as the price can go up!
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