{"id":664740,"date":"2024-12-19T06:30:49","date_gmt":"2024-12-19T06:30:49","guid":{"rendered":"https:\/\/wncen.com\/?p=664740"},"modified":"2024-12-18T18:53:11","modified_gmt":"2024-12-18T18:53:11","slug":"bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon\/","title":{"rendered":"Bitcoin Exchange Reserves Hit Record Low, Could $120K Be on the Horizon?"},"content":{"rendered":"

Bitcoin has seen continuous bullish momentum in recent weeks resulting in the asset’s consistent new highs. According to recent analysis, this momentum appears to not just be random as it comes amid major moves behind the scenes<\/a>.<\/p>\n

Particularly, recent data<\/a> indicates that Bitcoin reserves have dropped to a historic low of 2.4 million, signaling a “supply shock” that has coincided with a surge in Bitcoin’s price.<\/p>\n

This reduction in exchange reserves, coupled with strong demand<\/a>, has created a bullish environment that could set the stage for further price increases.<\/p>\n

Related Reading: Bitcoin\u2019s Price Momentum Shifts As Spot Market Outpaces Futures \u2013 Here\u2019s What It Means<\/a><\/div>\n

A Supply Shock In The Making<\/h2>\n

A CryptoQuant analyst known as Kripto Baykus shared the outlook on Bitcoin’s exchange reserve hitting historic low<\/a> in a post on the QuickTake platform. In the post, Baykus highlighted that the year began with Bitcoin reserves at approximately 3 million on exchanges.<\/p>\n

\"Bitcoin
Bitcoin Exchange Reserve. | Source: CryptoQuant<\/figcaption><\/figure>\n

However, a steady decline throughout 2024 has led to the current levels, reflecting a clear shift in investor behaviour. Institutional investors, in particular, have embraced long-term holding strategies, pulling their assets off exchanges, Baykus noted. The analyst added:<\/p>\n

\n

This shift is particularly evident among institutional investors, who have increasingly embraced the “hodl” approach, demonstrating strong confidence in Bitcoin\u2019s future potential.<\/p>\n<\/blockquote>\n

Meanwhile, Bitcoin’s price has mirrored this movement, starting the year at around $40,000 and accelerating in November to surpass $100,000, eventually reaching a new peak above $104,000<\/a>. Baykus wrote:<\/p>\n

\n

The limited supply of Bitcoin, combined with shrinking reserves, is seen as a strong bullish signal for the market. Investors are pricing in the effects of the supply shock, and if the trend persists, Bitcoin is likely to break further records in late 2024 and into 2025.<\/p>\n<\/blockquote>\n

Bitcoin Current Demand Stance<\/h2>\n

In addition to supply-related trends, another CryptoQuant analyst known as Yonsei Dent has recently turned to the Coinbase Premium Index to offer insights<\/a> into Bitcoin\u2019s demand in North America.<\/p>\n

This metric tracks activity on Coinbase, one of the largest exchanges in the region, and has traditionally been used to predict short-term price movements<\/a>. However, over the past two weeks, a divergence between the Coinbase Premium Index and Bitcoin\u2019s price has raised concerns.<\/p>\n

\"Bitcoin
Bitcoin Coinbase Premium Gap. | Source: CryptoQuant<\/figcaption><\/figure>\n

Dent pointed out that despite Bitcoin\u2019s price rising from $94,000 to $106,000 during this period, the Coinbase Premium has declined. This suggests that the recent price surge may not have been driven by US.-based demand, raising questions about the medium-term momentum of Bitcoin’s rally.<\/p>\n

Related Reading: Bitcoin\u2019s Next Big Move? Key Metric Reveals When to Cash In Profits<\/a><\/div>\n

Dent noted:<\/p>\n

\n

If this price surge has not been supported by U.S.-based demand, it could indicate underlying weakness in medium-term upward momentum. Investors should remain cautious and monitor this development closely.<\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has seen continuous bullish momentum in recent weeks resulting in the asset’s consistent new highs. According to recent analysis, this momentum appears to not just be random as it comes amid major moves behind the scenes. Particularly, recent data indicates that Bitcoin reserves have dropped to a historic low of 2.4 million, signaling a “supply shock” that has coincided with a surge in Bitcoin’s price. This reduction in exchange reserves, coupled with strong demand, has created a bullish environment that could set the stage for further price increases. Related Reading: Bitcoin\u2019s Price Momentum Shifts As Spot Market Outpaces Futures \u2013 Here\u2019s What It Means A Supply Shock In The Making A CryptoQuant analyst known as Kripto Baykus shared the outlook on Bitcoin’s exchange reserve hitting historic low in a post on the QuickTake platform. In the post, Baykus highlighted that the year began with Bitcoin reserves at approximately 3 million on exchanges. However, a steady decline throughout 2024 has led to the current levels, reflecting a clear shift in investor behaviour. Institutional investors, in particular, have embraced long-term holding strategies, pulling their assets off exchanges, Baykus noted. The analyst added: This shift is particularly evident among institutional investors, who have increasingly embraced the “hodl” approach, demonstrating strong confidence in Bitcoin\u2019s future potential. Meanwhile, Bitcoin’s price has mirrored this movement, starting the year at around $40,000 and accelerating in November to surpass $100,000, eventually reaching a new peak above $104,000. Baykus wrote: The limited supply of Bitcoin, combined with shrinking reserves, is seen as a strong bullish signal for the market. Investors are pricing in the effects of the supply shock, and if the trend persists, Bitcoin is likely to break further records in late 2024 and into 2025. Bitcoin Current Demand Stance In addition to supply-related trends, another CryptoQuant analyst known as Yonsei Dent has recently turned to the Coinbase Premium Index to offer insights into Bitcoin\u2019s demand in North America. This metric tracks activity on Coinbase, one of the largest exchanges in the region, and has traditionally been used to predict short-term price movements. However, over the past two weeks, a divergence between the Coinbase Premium Index and Bitcoin\u2019s price has raised concerns. Dent pointed out that despite Bitcoin\u2019s price rising from $94,000 to $106,000 during this period, the Coinbase Premium has declined. This suggests that the recent price surge may not have been driven by US.-based demand, raising questions about the medium-term momentum of Bitcoin’s rally. Related Reading: Bitcoin\u2019s Next Big Move? Key Metric Reveals When to Cash In Profits Dent noted: If this price surge has not been supported by U.S.-based demand, it could indicate underlying weakness in medium-term upward momentum. Investors should remain cautious and monitor this development closely. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":664760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,6664,10923],"class_list":["post-664740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin Exchange Reserves Hit Record Low, Could $120K Be on the Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen continuous bullish momentum in recent weeks resulting in the asset's consistent new highs. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Reserves Hit Record Low, Could $120K Be on the Horizon?","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/DALL\u00b7E-2024-12-18-18.05.13-A-dynamic-and-visually-engaging-digital-illustration-showing-Bitcoin-reserves-at-an-all-time-low-symbolized-by-an-empty-vault-with-Bitcoin-logos-whi.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/DALL\u00b7E-2024-12-18-18.05.13-A-dynamic-and-visually-engaging-digital-illustration-showing-Bitcoin-reserves-at-an-all-time-low-symbolized-by-an-empty-vault-with-Bitcoin-logos-whi.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin market","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-12-19T06:30:49Z","datePublished":"2024-12-19T06:30:49Z","dateModified":"2024-12-19T06:30:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Reserves Hit Record Low, Could $120K Be on the Horizon?\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-exchange-reserves-hit-record-low-could-120k-be-on-the-horizon\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/DALL\\u00b7E-2024-12-18-18.05.13-A-dynamic-and-visually-engaging-digital-illustration-showing-Bitcoin-reserves-at-an-all-time-low-symbolized-by-an-empty-vault-with-Bitcoin-logos-whi.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/DALL\\u00b7E-2024-12-18-18.05.13-A-dynamic-and-visually-engaging-digital-illustration-showing-Bitcoin-reserves-at-an-all-time-low-symbolized-by-an-empty-vault-with-Bitcoin-logos-whi.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin market\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-12-19T06:30:49Z\",\"datePublished\":\"2024-12-19T06:30:49Z\",\"dateModified\":\"2024-12-19T06:30:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/DALL\u00b7E-2024-12-18-18.05.13-A-dynamic-and-visually-engaging-digital-illustration-showing-Bitcoin-reserves-at-an-all-time-low-symbolized-by-an-empty-vault-with-Bitcoin-logos-whi.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/664740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=664740"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/664740\/revisions"}],"predecessor-version":[{"id":664763,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/664740\/revisions\/664763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/664760"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=664740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=664740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=664740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}