BTC Supply Shock

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  • New Bitcoin ETFs now hold 500,000 BTC, while GBTC outflows slow, Mar 30, 2024
  • Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec, Mar 30, 2024
  • Bitcoin exchanges’ BTC balances have dropped almost $10B in 2024, Mar 30, 2024


Bitcoin exchanges’ BTC balances have dropped almost $10B in 2024

Bitcoin exchange withdrawal trends are clear as “pent up institutional demand” from the spot ETFs combines with the upcoming halving to squeeze the available BTC supply.

Data from on-chain analytics firm Glassnode shows that since Jan. 11, exchanges are down over 136,000 BTC.

As of March 28, the exchange info tracked by Glassnode held a combined 2,320,458 BTC — the lowest balance since April 2018.

The trend shows no sign of slowing. Glassnode shows that on March 27 alone, withdrawals totaled more than 22,000 BTC ($1.54 billion) — the third-largest daily tally of 2024.

ETF buying alone already represents a much larger buying force than the “new” BTC unlocked each day by miners.

After the upcoming block subsidy halving event in mid-April, that ratio will increase even more as the BTC supply expands by just 3.125 BTC per newly mined block.

"For the first time, Bitcoin will become harder than gold, with half its supply growth rate. Pent up institutional demand via the ETFs, a programmatic supply squeeze from the Halving and Bitcoin taking the title as the world's hardest asset. There's a lot to look forward to in April."

https://cointelegraph.com/news/bitcoin-exchanges-btc-balances-dropped-10b-2024


Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec

“keep calm and take the long view.” ~ Bitwise’s Matthew Hougan

... the $12 billion flowing into ETFs since their launch is exciting and is “the most successful ETF launch of all time.” 

... once global wealth managers begin to allocate 1% of their portfolio into Bitcoin, this would mean $1 trillion in inflows into the space.

“*A 1% allocation across the board would mean ~$1 trillion of inflows into the space. Against this, $12 billion is barely a down payment*,” he added.

https://cointelegraph.com/news/bitcoin-1-trillion-bull-market-bitwise-chief


New Bitcoin ETFs now hold 500,000 BTC, while GBTC outflows slow

Nine of the 10 new spot Bitcoin (BTC) exchange-traded funds (ETFs) have accumulated over 500,000 BTC since launching in January, with their holdings now accounting for 2.54% of the current circulating supply.

This brings the amount of BTC held by the nine ETFs to a current worth of $35 billion over just 54 trading days.



In total, all United States spot Bitcoin funds, including Grayscale, hold 835,000 BTC, which is almost 4% of the entire supply.

https://cointelegraph.com/news/new-bitcoin-etfs-hold-500000-btc-gbtc-outflows-slow

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