The number of bitcoin sitting on Exchanges keeps going down down down
In what would have been the short of the year, the supply of bitcoin does nothing but go down for a year straight.
While that may not seem that big of a deal, keep in mind that there has been 900 new bitcoin created every single day during this time period and the price of bitcoin has gone up more than 6x.
So, we have more and more supply being created every day and we have a price that keeps going higher, yet we have the supply on Exchanges look like this:
Not only has the supply been dropping, but it actually looks like it's accelerating as of late.
Check out the numbers:
- 15,680 BTC in the last 24 hours
- 23,970 BTC in the last week
- 61,555 BTC in the last month
- 568,618 BTC in the last year
This trend is amazing when you really think about it. During the bull market in 2017 the supply on Exchanges was going up most of the rally.
Can you imagine what the price might do this time around if we get a sudden surge of retail demand?
I believe this is mostly institutions soaking up as much bitcoin as they can without moving the price up. When they are done, we fly.