Bitcoin keeps going higher and the supply on exchanges keeps going lower
I keep harping on this a lot lately, but it's really pretty shocking to see and something that I think is going to keep pushing prices higher.
The higher bitcoin goes, the more bitcoin we are seeing removed from exchanges.
Bitcoin has never traded north of $30k, and he we are, yet more and more bitcoin is being pulled from exchanges.
Yesterday alone, we saw another 19k bitcoin (net) removed from exchanges.
This drops the total number of bitcoin sitting on exchanges down to 2.36 million total:
(Source:
)https://twitter.com/Moon__Capital/status/1345365951819218944/photo/1
- Moon__Capital
For some context...
Back in March of 2020, there was almost 3 million bitcoin sitting on exchanges.
That means more than 600k bitcoin have been removed from exchanges in the last 9 months, a number that represents roughly 20% of the total supply sitting on exchanges.
The most amazing thing about this statistic is that it is happening at a time when bitcoin finished 2020 going up by roughly 4x.
If this rate of coins being removed from exchanges continues, the sky is literally the limit for where bitcoin might go.
Once all the supply runs out, the price is going to keep going skyward until it eventually finds a place were holders are comfortable unloading.
For most people that price is a lot higher than the current price still.
Sure there will be dips along the way, though I suspect they won't be as violent as they were back in 2017, but in the medium term I think we are going to keep marching higher.
If the supply on exchanges keeps dropping like this, my $100k target by the end of this year may end up being a major undershoot.
Stay informed my friends.
-Doc