Bitcoin (BTC) has risen to an all-time high of $125,700 ๐ฐ at a time when centralized exchanges are experiencing a record decline in Bitcoin balances to their lowest levels in 6 years!
๐ According to Glassnode data, exchange reserves have dropped to 2.83 million BTC โ the lowest since June 2019, while CryptoQuant indicates an even lower figure of 2.45 million BTC, the lowest in a full 7 years.
๐ธ In just the past two weeks, over 114,000 BTC (worth over $14 billion) has been withdrawn from platforms, indicating that investors prefer to hold coins in cold wallets or institutional vaults rather than selling.
This decline in available supply on exchanges enhances scarcity ๐ฅ, which could drive prices to higher levels.
๐ Market watchers point out that the supply shortage has become apparent, as Matthew Sigal from VanEck indicated the possibility of a 'drying up' of liquidity on platforms, while some OTC trading desks confirm that Bitcoin is sold out within hours of futures contracts opening, which could push the price towards $126,000 - $129,000 soon.
๐ After a slight pullback from its previous peak of $124,500 on August 14, Bitcoin has made a strong comeback in early October โก๏ธ
Analysts expect to see a rapid upward movement towards $150,000 soon โ even as caution continues in the altcoin market.
