Although Bitcoin has been unable to challenge $100,000 recently, André Dragosch, head of European research at Bitwise, shared data today pointing out that the illiquid supply of Bitcoin has hit a record high, and the exchange balance has hit a multi-year low. The increased scarcity of Bitcoin in the market means that rising demand may be bullish for Bitcoin in the future.
Bitcoin rose strongly after Trump’s victory last month, reaching a peak of $99,588 on the 22nd of last month, but then failed to challenge $100,000 and fell back to $90,791 on the 26th of last month. In recent days, it has continued to fluctuate between $95,000 and $98,000, and is currently at $95,383, with a fierce battle between bulls and bears.
Bitcoin exchange balance hits a new low, suggesting a bullish trend in the future?
Although Bitcoin has been unable to challenge $100,000 recently, André Dragosch, head of European research at Bitwise, tweeted today that the illiquid supply of Bitcoin has hit a record high, and the exchange balance has hit a new low in many years. The increased scarcity of Bitcoin in the market means that rising demand may have a bullish impact on Bitcoin: nearly 75% of the supply is “illiquid”, and the remaining supply in the exchange accounts for less than 14%, which means that the scarcity of Bitcoin supply is continuing to intensify.
Coinglass data shows that as of the 1st, the balance of Bitcoin in all market exchanges was only 2.27 million, a new low in many years.
Bitcoin rose strongly after Trump’s victory last month, reaching a peak of $99,588 on the 22nd of last month, but then failed to challenge $100,000 and fell back to $90,791 on the 26th of last month. In recent days, it has continued to fluctuate between $95,000 and $98,000, and is currently at $95,383, with a fierce battle between bulls and bears.
Bitcoin exchange balance hits a new low, suggesting a bullish trend in the future?
Although Bitcoin has been unable to challenge $100,000 recently, André Dragosch, head of European research at Bitwise, tweeted today that the illiquid supply of Bitcoin has hit a record high, and the exchange balance has hit a new low in many years. The increased scarcity of Bitcoin in the market means that rising demand may have a bullish impact on Bitcoin: nearly 75% of the supply is “illiquid”, and the remaining supply in the exchange accounts for less than 14%, which means that the scarcity of Bitcoin supply is continuing to intensify.
Coinglass data shows that as of the 1st, the balance of Bitcoin in all market exchanges was only 2.27 million, a new low in many years.
CryptoQuant is optimistic that Bitcoin has more room to rise
In response to the recent volatility of Bitcoin, CryptoQuant recently released a report stating that the recent pullback is only a short-term setback on the road to Bitcoin’s impact on the $100,000 mark. Bitcoin will eventually break through $100,000. As for the peak valuation of Bitcoin in this round of bull market, CryptoQuant believes that it will at least reach the target of $147,000.