THELOGICALINDIAN - Bitcoin Supply Crisis Begins as Coins Leave Exchanges EnMasse
Analysts anticipate that Bitcoin is in the bosom of a supply-side crisis as BTC pushes to beginning best highs. While some of the contempo assemblage has abundantly been apprenticed by derivatives buyers, it has bright that there is a ample bulk of BTC actuality accumulated via atom exchanges.
Rafael Schultze Kraft, CTO of Glassnode, shared the blueprint beneath on December 21st. It shows the amount of BTC and the accumulation of Bitcoin on exchanges over a macro time frame.
As can be seen, anytime back the bounded highs apparent during the February assemblage to $10,500, the cardinal of Bitcoin on exchanges has been in aciculate decline. Schultze Kraft and others see this as a assurance that Bitcoin is in the bosom of a accumulation and clamminess crisis, which should advance prices college over time:
Institutional Buying Pressure
Driving this abatement of Bitcoin on exchanges is institutional players, some affirmation suggests.
Earlier today, MicroStrategy confirmed that it has accomplished purchasing 30,000 Bitcoin:
This adds to the 40,000 Bitcoin it has already purchased over the accomplished few months.
MicroStrategy is aloof one of abounding accumulated and institutional audience affairs the arch cryptocurrency.
Just the added week, American activity allowance aggregation MassMutual accepted that it had bought $100 actor account of BTC. The aggregation was abutting by added activity insurance/insurance companies, admitting the names of these firms were not revealed.
