- BTC supply on exchanges hit a 7-year low at 14%.
- A Bitcoin whale moves millions worth of BTC off exchanges like Binance and Kraken.
- Analysts anticipate bullish upwards movement for BTC soon.
The crypto market continues to move in a small sideways price movement as analysts expect a short dip in Bitcoin and altcoin prices before moving upwards to claim new ATH targets. This falls in line with BTC supply on exchanges hitting a 7-year low at 14% as more Bitcoin whales move their BTC holdings off exchanges. It seems whales are preparing to welcome new BTC ATH targets soon.
BTC Supply on Exchanges Hit 7-Year Low
Seasoned crypto traders and analysts have been saying it for years, Bitcoin will one day become the most high demand asset in the world. This is a likely outcome for Bitcoin (BTC) as the pioneer crypto asset is a limited resource which boosts its value as demand rises on a low supply asset. In detail, there will only ever be 21 million BTC in supply and presently over 19 million is in circulation, with the remaining count slowly being mined over the next few years.
What’s more, the fact that Bitcoin is a fungible digital asset makes it easy for any to buy and hold the crypto. Moreover, there are no barriers to entry for owning crypto, like there are with traditional banking options. This, paired with the fact that the price of BTC has only steadily and exponentially pumped since its debut, makes Bitcoin a highly promising asset to hold. Thus, analysts predicted a supply shock for BTC and it seems this is slowly playing out now.
Recently, that is to say, in January 2025, Bitcoin set a new ATH at the $109,000 price range. This was a monumental moment for crypto, as the first-ever crypto asset was worth 6-digit prices. Since then, the price of BTC went into a healthy correction only to pump back and reclaim 6-digit prices once again. Now, the price of BTC is hovering between $102,000 and $104,000, and analysts are expecting one more small dip to 5-digit prices before BTC pumps to hit a new ATH price, and is expected to never sink back to 5-digit prices again.
BTC Whale Action Draws Trader Attention
As we can see from the post above, this reputed crypto trader and analyst, Miles Deutscher, who has shared several pearls of wisdom based on his research and experience with the crypto market, highlights how the BTC supply on exchanges just hit a 7-year low at 14%. This marks the prophecy of BTC entering a supply shock coming to life. He then hints at a bullish price run soon as when a highly sought-after asset faces a continuously reducing supply, then a price pump is inevitable.
As we can see from the post above, BTC whale activity shows that Bitcoin whales are moving their Bitcoin (BTC) holdings off crypto exchanges. Specifically, the image in the post above shows that one whale withdrew 2,218 BTC worth $226,750,000 from Binance and Kraken crypto exchanges in a short period of time.
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