CandleFocus Bitcoin Exchange Balances Plunge as Long-Term Holders Help Drive Price to $98,000
2024-12-02
Author: Content Editor
The amount of available Bitcoin for purchase on exchanges has sharply decreased, causing a supply crunch in the market. This is in contrast to a temporary increase in inventory observed in late summer. The favorable sentiments towards Bitcoin, including President-elect Donald Trump's support and the perception of Bitcoin as a store of value, have contributed to the cryptocurrency's record-high prices. Long-term holders are holding onto their Bitcoin positions, limiting the flow of Bitcoin into exchanges and reducing liquidity. Only three major exchanges currently have sufficient Bitcoin reserves to meet buyer demand. The tightening supply, along with institutional interest in Bitcoin financial products, may drive upward price pressure as demand continues to grow.
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