Bitcoin exchange withdrawal trends are clear as “pent up demand” from the spot ETFs combines with the upcoming halving to squeeze the available BTC supply.
Bitcoin (BTC) worth nearly $10 billion has left crypto exchanges since the United States launched spot exchange-traded funds (ETFs).
Data from on-chain analytics firm Glassnode shows that since Jan. 11, exchanges are down over 136,000 BTC.
Bitcoin supply dynamics continue to sway in bulls’ favor as exchanges see mass withdrawals this quarter.