In the past two weeks, nearly 25,000 BTC, valued at over a billion dollars, have vanished from cryptocurrency exchanges! This reduced supply might quickly boost Bitcoin’s value.
BTC on Exchanges – A Declining Presence
The Bitcoin price action has been somewhat dull lately – briefly touching over $38,000, it’s currently hovering around $37,400. However, looking at it from another angle reveals something interesting. Glassnode analysts noticed that these 25,000 BTC have disappeared from the exchanges. It seems people are buying Bitcoins and keeping them off the exchanges, possibly in anticipation of a value increase. This trend might also stem from a lack of trust in exchanges, possibly due to legal issues faced by companies like Binance.
Strong Market Fundamentals
Despite these factors, the market’s fundamentals appear quite robust. The SEC is reviewing several applications for Bitcoin ETFs. If approved, these could usher in new investments, potentially amounting to $70 billion! Moreover, there are also applications for Ethereum ETFs.
Bitcoin’s Price Forecast
Since mid-October, Bitcoin has broken through several key price resistances. The next significant level is $38,000, which has already been briefly surpassed. It seems the path to $40,000 is almost open. What do you think the future holds for Bitcoin’s trajectory?