Fun

Bitcoin supply to run out on exchanges in 9 months — Bybit

News Feed - 2024-04-16 11:04:40

Zoltan Vardai9 hours agoBitcoin supply to run out on exchanges in 9 months — BybitSupply on exchanges will dry up in nine months after the upcoming Bitcoin halving and continued accumulation by Bitcoin ETFs.7721 Total views28 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin supply on cryptocurrency exchanges will dry up in nine months thanks to the 50% supply issuance reduction of this week’s upcoming Bitcoin halving.


Provided that demand from the United States Bitcoin exchange-traded funds (ETFs) continues, Bitcoin’s post-halving supply dynamic will see exchange reserves run out of Bitcoin (BTC), according to an April 15 report by Bybit:“Bitcoin reserves in all centralized exchanges have been depleting faster. With only 2 million Bitcoins left, if we assume a daily inflow of $500 million to Bitcoin Spot ETFs, the equivalent of around 7,142 bitcoins will leave exchange reserves daily, suggesting that it will only take nine months to consume all of the remaining reserves.”


Bitcoin reserves on centralized exchanges fell to a near three-year low of 1.94 million BTC on April 16, according to CryptoQuant data.Bitcoin: Exchange reserves on all exchanges. Source:CryptoQuant


The report comes amid a wider market slump that saw Bitcoin fall over 10% during the past week to $62,924 as of 1:36 pm UTC, according to CoinMarketCap.


Bybit, the world’s third-largest exchange, expects Bitcoin prices to start recovering from the current correction, according to the report:“With this in mind, it’s unsurprising that Bitcoin’s price may continue to climb before the halving, or even afterward, as the supply squeeze propels the price to another new record.”


Related:Korean won becomes world’s most traded fiat for crypto traders: ReportInstitutional interest in Bitcoin is on the rise


Weekly inflows to spot Bitcoin ETFs have been slowing down since March. Last week saw over $199 million worth of net inflows into the ETFs, down from $2.58 billion in the week beginning March 11, according to Dune Analytics.Bitcoin ETFs weekly net flows. Source:Dune


Despite the recent slump, the spot Bitcoin ETFs have amassed over 841,000 BTC worth $52.9 billion, with over $12.7 billion net flows since launch, according to Dune.


Bitcoin investor allocation has also risen since September 2023. Institutions are allocating an average of 40% of total assets to BTC, while retail investors average a Bitcoin allocation of 24%, according to Bybit’s asset allocation report from Feb. 24.


Bybit noted that both crypto-native firms and traditional institutions are gaining increasing exposure to Bitcoin via ETFs or proxy stocks such as MicroStrategy. The exchange expects more institutions to follow suit:“We believe that not all institutions have been able to gain exposure since the approval of Bitcoin Spot ETFs in January 2024, as their investment mandates restrict them from investing in new products that have been in the market for only a few months.“


Related:Bitcoin halving will lead to more sustainable BTC mining: Report# Bitcoin# Cryptocurrencies# Bitcoin Price# Cryptocurrency Exchange# Bitcoin HalvingAdd reaction

News Feed

Cardano Soars Nearly 130% To $30 Billion, Climbs To 9th In Market Cap Rankings
Este artículo también está disponible en español. Cardano’s decentralized finance (DeFi) environment has increased significantly, with the total value locked (TVL)
Google eyes paid AI search features, explores subscription model: Report
Amaka Nwaokocha56 minutes agoGoogle eyes paid AI search features, explores subscription model: ReportThe report added that Google’s traditional search engine would remain free of charge, and advertisements would contin
Savannah Fortis11 hours agoFTX founder’s plea for temporary release should be denied, prosecution saysSam Bankman-Fried’s renewed request for temporary release from jail before his upcoming trial should be denied, ac
Bitcoin braces for Fed’s Powell as $61K BTC price eyes next breakout
William Suberg13 hours agoBitcoin braces for Fed’s Powell as $61K BTC price eyes next breakoutBTC price frustration may find some relief as Bitcoin traders’ hopes increase of the Fed cementing interest rate cuts at t
Industrial Giant Siemens Issues €60 Million Digital Bond on Blockchain
Industrial Giant Siemens Issues €60 Million Digital Bond on Blockchain German conglomerate Siemens has for the first time issued a blockchain-based digital bond denominated in eu
SETI, NASA scientists think AI could teach aliens about Earth
Tristan Greene7 hours agoSETI, NASA scientists think AI could teach aliens about EarthThe question is: which model best represents humanity?2463 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto
Zhiyuan Sun6 hours agoVisa completes digital Hong Kong dollar pilot test with local banksThe e-HKD CBDC pilot program will enter Phase 2 following praise from the city’s monetary authority.1276 Total views6 Total share
Ezra Reguerra11 hours agoCoinMarketCap’s H1 2023 report says Q2 was a ‘lost quarter’Sectors like virtual and augmented reality soared 704% in year-to-date growth, while artificial intelligence and big data expanded
Mexico’s Third Richest Billionaire’s Advice: Invest in Bitcoin, Stay Away From Dollars, Euros
Mexico"s Third Richest Billionaire"s Advice: Invest in Bitcoin, Stay Away From Dollars, Euros Mexico’s third-richest billionaire has advised people to stay away from fiat cu
Why User Experience Is Crypto’s True ‘Killer App’
Why User Experience Is Crypto’s True ‘Killer App’ There’s been a lot of buzz in the space recently about the importance of user experience. Kim Dotcom’s proclam
Bitcoin crashes to $53K, but analysts warn the worst isn’t over
Tom Mitchelhill4 hours agoBitcoin crashes to $53K, but analysts warn the worst isn’t overAnalysts say Bitcoin could sink as low as $50,000, but strong macro conditions and an entrenched “buy the dip” mentality will
Biggest Movers: FLOW up 12% on Tuesday, Hitting 5-Day High
Biggest Movers: FLOW up 12% on Tuesday, Hitting 5-Day High Flow rose for a second consecutive session on Tuesday, as the token climbed by 12% earlier in the day. The rebound comes