As you probably already know, Bitcoin's supply caps at 21 million with several million of those believed to be lost to error etc. With 18,662,462 BTC already mined this leaves only 2,337,538 left. This makes it one of the most scarce things in the universe with demand not looking to dry up anytime soon.
According to Coinshares institutional investors currently hold a breath taking $57 billion in cryptocurrencies with the lions share in Bitcoin. Despite reaching such a colossal some the frenzy is certainly not looking to slow down as institutions like Grayscale look to increase their holdings regularly.
Mass EXODUS of Bitcoin from Exchanges
Above one can truly attempt to grasp the sheer demand for Bitcoin since the bloody crash in March 2020. Ever since that blackswan event the supply of Bitcoin on exchanges has been drastically reducing as holders strongly outweigh traders and withdraw into cold storage. Obviously this coincides with the explosive price action we have seen as of late which saw BTC soar from lows of $4k to $62k in less than a year. During every dip supply on exchanges continued to fall signalling that whales and institutions were buying up all of the panic selling and adding it to their long term holdings.
Massive Outflows
These massive outflows can be tracked by following twitter accounts like Glassnode, WhaleAlert and the above CryptoQuant.com. These mega withdrawals have been quite common this week which has seen its fair share of panic selling as Bitcoin consolidated around $54k.
What do you think? Have you panic sold to the whales recently or do you have iron hands?
