Proofofworkau on Nostr: In the beginning of 2024, the total Bitcoin held across all cryptocurrency exchanges ...
In the beginning of 2024, the total Bitcoin held across all cryptocurrency exchanges stood at approximately 2,720,000 Bitcoin.
Fast forward nine months, and this figure has plummeted to a low of just 2,340,000 BTC.
This marks a significant reduction of 380,000 BTC — a 14% drop in available Bitcoin on exchanges.
What does this mean for the market?
Supply Crunch in the Making.
We know that only 450 new Bitcoin are mined and introduced to the market each day, totalling 164,250 BTC annually.
The drop of 380,000 BTC in just 9 months means that exchanges have lost a whopping 2.3 years’ worth of new supply.
Fast forward nine months, and this figure has plummeted to a low of just 2,340,000 BTC.
This marks a significant reduction of 380,000 BTC — a 14% drop in available Bitcoin on exchanges.
What does this mean for the market?
Supply Crunch in the Making.
We know that only 450 new Bitcoin are mined and introduced to the market each day, totalling 164,250 BTC annually.
The drop of 380,000 BTC in just 9 months means that exchanges have lost a whopping 2.3 years’ worth of new supply.