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In a significant market move, nearly 111,000 BTC have been withdrawn from crypto exchanges in the past month, hinting at a potential supply crunch and increased institutional adoption.
Massive Bitcoin Withdrawals from Exchanges Suggest Impending Supply Crunch
According to crypto analyst Ali, nearly 111,000 Bitcoin (BTC), worth approximately $7.55 billion, were transferred out of known crypto exchange wallets in the last month.
This trend demonstrates a gradual decrease in BTC supply on exchanges in recent months, implying a withdrawal from cryptocurrency exchanges.
One possible explanation for the Bitcoin exodus is that more investors prefer to store their Bitcoin in private wallets rather than exchanges.
Furthermore, institutional Bitcoin adoption has recently surged. These institutional investors may wish to keep their holdings in private wallets or cold storage for the long term.
The withdrawal of such a large amount of Bitcoin from exchanges may result in a supply crunch, in which demand for BTC exceeds available supply. This scenario could set the stage for a bullish rally.
In an April 4 tweet, Ali reported that 21,400 BTC, worth approximately $1.40 billion, were transferred to accumulation addresses that had never spent funds in a single day.
Bitcoin ETFs Fuel Whales' Accumulation, Pushing BTC Supply Concentration
According to on-chain analytics firm IntoTheBlock, Bitcoin ETFs have accounted for more than 4% of the BTC supply in less than three months.
The amount of Bitcoin held by addresses with 1,000 BTC or more, known as "whales," has increased dramatically since the ETFs' inception. The aggregate balance of whale addresses reached its highest level since June 2022.
This year, whales' balances increased by 220,000 BTC, totaling $14.2 billion, with 210,000 BTC coming from net inflows into ETFs, which have powered most of the whales' accumulations. This has pushed Bitcoin to new all-time highs, driving up demand for crypto assets.
BTC had risen 2.23% in the previous 24 hours to $69,286 at the time of writing.
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