The Supply of BTC on exchanges just keep going lower and lower
One of the reasons bitcoin has been going up so easily over the last several months is due to the major surge in demand we have seen over this time period.
Specifically,it keeps going down.
Check this out.
Even through there are roughly 900 new bitcoin created per day,the amount on Exchanges has trended lower for pretty much a year straight.
Why is that?
Most likely this has to do with institutions buying up all the available supply on Exchanges and moving it to cold storage.Another contributing factor is likely people moving bitcoin off Exchanges where it does nothing for for them into defi ecosystems where they can earn money on returns of on their BTC.
As the supply continues to drop ,it will get relatively easier to push the price of bitcoin higher.
when a large amount of demand comes in now,it send the price higher a lot easier than it might have a year ago with a lot more supply on Exchanges.
Its tough to say what that catalyst will be that sends the price skyward,but coinbase going public won`t hurt:
We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @NASDAQ under the ticker symbol COIN.
This will bring in even more insttituional money and help build out the Crypto ecosystem.
Things are going to be a heck of lot a lot of fun over the next couple moths,hope you loaded the the boat and are ready for wha`s to come!
I hope BTC would excel and win the Crypto war.This was all about today update.Thanks for reading.