Another 19k Bitcoin was removed from Exchanges yesterday alone...
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)
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
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I mean I can imagine they're forcing it up... But they'll claim security purposes.
Well it means buyers are buying it off exchanges and moving it to cold storage. They may be wanting to get it off exchanges before the new Treasury/FinCEN laws go into effect (if they go into effect).
Gotta have contingencies.
And interestingly, almost no MSM coverage.
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Exactly!
The ownership of mainstream media is fairly concentrated globally. Many of the smaller outlets also get their news from syndicated sources. What all that probably means is that the lack of news coverage is somewhat coordinated a move to keep retail investors out until the end of this year when the institutions and high net worth individuals gobbling up BTC right now are ready to cash in.
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I am interested to see what happens tomorrow when Wall Street opens for the first time since the new year rolled over...
Damp Eeet to the core!!! Whuhahaha!
People are finally realizing the best place for cryptocurrency coins and tokens is not in exchange wallets... Coins belong in personal wallets where no-one can misuse them...
I remember when I was just a newbie and I thought coins lose value completely when they are kept in wallets on own hard disk... But that's not true anymore...