{"id":554233,"date":"2023-10-05T14:00:23","date_gmt":"2023-10-05T14:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=554233"},"modified":"2024-06-11T08:15:13","modified_gmt":"2024-06-11T08:15:13","slug":"good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying\/","title":{"rendered":"Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying"},"content":{"rendered":"

Bitcoin news for traders and investors is showing positive signs as the cryptocurrency managed to stay above critical levels. The current trading environment remains uncertain as sideways price action persists, but new data points to potential gains<\/a>. <\/strong><\/p>\n

Related Reading: Arthur Hayes Predicts Bitcoin Price To Hit $750,000, Here\u2019s When<\/a><\/div>\n

As of this writing, Bitcoin trades at $27,700 with sideways movement in the last 24 hours. On higher timeframes, the cryptocurrency records profits; the previous week, BTC experienced a 4.4% rally, according to data from Coingecko.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin News And Data Point To Favorable Price Action?<\/h2>\n

A report<\/a> from Bitfinex Alpha indicates that the current Bitcoin supply on exchanges has been dropping since May 2023. This metric stands at its lowest in five years, or since 2018, when the price of Bitcoin was in the early stages of a new investment cycle.<\/p>\n

The report indicates around 2.03 million BTC on crypto trading venues, as seen in the image below. The decline of BTC supply in the market represents good Bitcoin news due to its potential to ignite another bull market<\/a>. The report claims:<\/p>\n

As the bull market began to take off, reserves on exchanges dropped, as crypto prices soared. This seemed to imply that as investors moved their Bitcoin off exchanges, its scarcity on the platform might have driven its price up.<\/p><\/blockquote>\n

\"Bitcoin
BTC supply on exchanges declined to its lowest since 2018. Source: CryptoQuant via Bitfinex Alpha<\/figcaption><\/figure>\n

The chart above also shows that the cryptocurrency\u2019s price reacts to spikes in BTC supply on crypto exchanges. Each bull market has its peculiarities, but they all need a decline in supply to enter price discovery.<\/p>\n

Moreover, the report points out that a minority of long-term investors capitulated during this crypto winter. These investors continue to hold their coins and exert a more significant influence on the supply\/demand dynamics as short-term investors get shaken off the market.<\/p>\n

Less Selling Pressure For Bitcoin<\/h2>\n

The status quo in the Bitcoin market continues to evolve, and recent data points to a potential change in short-term holders. The Coin Days Destroyed (CDD) metric, used to measure supply\/demand dynamics, indicates that both long-term and short-term holders are more inclined to hold \u201ctheir Bitcoin holdings for longer periods of time.\u201d<\/p>\n

Related Reading: XRP Battle With Resistance: Could A Crucial Update Propel The Altcoin Forward?<\/a><\/div>\n

Furthermore, the new market dynamics hint at the formation of the early stages of a bull market. The report stated:<\/p>\n

The 12-18 month supply holders are now in a position to make a profit on some of their holdings. While this is normal for early bull markets, it is key to note that long term holder supply remains inactive and even short-term holder supply that has been acquired mostly during the bear market at sub $20,000 price or even early 2023 at slightly higher prices remains inactive. This shows investor confidence across multiple cohorts (\u2026).<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin news for traders and investors is showing positive signs as the cryptocurrency managed to stay above critical levels. The current trading environment remains uncertain as sideways price action persists, but new data points to potential gains. Related Reading: Arthur Hayes Predicts Bitcoin Price To Hit $750,000, Here\u2019s When As of this writing, Bitcoin trades at $27,700 with sideways movement in the last 24 hours. On higher timeframes, the cryptocurrency records profits; the previous week, BTC experienced a 4.4% rally, according to data from Coingecko. Bitcoin News And Data Point To Favorable Price Action? A report from Bitfinex Alpha indicates that the current Bitcoin supply on exchanges has been dropping since May 2023. This metric stands at its lowest in five years, or since 2018, when the price of Bitcoin was in the early stages of a new investment cycle. The report indicates around 2.03 million BTC on crypto trading venues, as seen in the image below. The decline of BTC supply in the market represents good Bitcoin news due to its potential to ignite another bull market. The report claims: As the bull market began to take off, reserves on exchanges dropped, as crypto prices soared. This seemed to imply that as investors moved their Bitcoin off exchanges, its scarcity on the platform might have driven its price up. The chart above also shows that the cryptocurrency\u2019s price reacts to spikes in BTC supply on crypto exchanges. Each bull market has its peculiarities, but they all need a decline in supply to enter price discovery. Moreover, the report points out that a minority of long-term investors capitulated during this crypto winter. These investors continue to hold their coins and exert a more significant influence on the supply\/demand dynamics as short-term investors get shaken off the market. Less Selling Pressure For Bitcoin The status quo in the Bitcoin market continues to evolve, and recent data points to a potential change in short-term holders. The Coin Days Destroyed (CDD) metric, used to measure supply\/demand dynamics, indicates that both long-term and short-term holders are more inclined to hold \u201ctheir Bitcoin holdings for longer periods of time.\u201d Related Reading: XRP Battle With Resistance: Could A Crucial Update Propel The Altcoin Forward? Furthermore, the new market dynamics hint at the formation of the early stages of a bull market. The report stated: The 12-18 month supply holders are now in a position to make a profit on some of their holdings. While this is normal for early bull markets, it is key to note that long term holder supply remains inactive and even short-term holder supply that has been acquired mostly during the bear market at sub $20,000 price or even early 2023 at slightly higher prices remains inactive. This shows investor confidence across multiple cohorts (\u2026). Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":554237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,1122,86867],"class_list":["post-554233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btc-price-analysis"],"acf":[],"yoast_head":"\nGood Bitcoin News: Supply Keeps Falling To Lowest Since 2018<\/title>\n<meta name=\"description\" content=\"Bitcoin news for traders and investors are showing positive signs as the cryptocurrency managed to stay above critical levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying","url":"http:\/\/wncen.com\/news\/good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc price","btc price analysis"],"dateCreated":"2023-10-05T14:00:23Z","datePublished":"2023-10-05T14:00:23Z","dateModified":"2024-06-11T08:15:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/good-bitcoin-news-supply-keeps-falling-to-lowest-since-2018-as-whales-keep-buying\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"btc price analysis\"],\"dateCreated\":\"2023-10-05T14:00:23Z\",\"datePublished\":\"2023-10-05T14:00:23Z\",\"dateModified\":\"2024-06-11T08:15:13Z\"}<\/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\/2023\/10\/Bitcoin-news-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554233","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\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554233"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554237"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}