Bitcoin continues fleeing Exchanges in massive numbers
I stumbled across a graphic today that really explains what has been going on with bitcoin prices the last few weeks.
There's been a major shortage of coins on major exchanges.
When people go there to buy bitcoin, no new bitcoin is taking its place, so the balance on exchanges continues to decline.
Here's the numbers over the last week:
(Source: https://www.viewbase.com/coin/bitcoin)
While this could just be bitcoin leaving exchanges, it's clear not.
The price of bitcoin has been soaring, which means the decline in bitcoin balances likely means people are buying it off the exchanges and moving it to self hosted wallet.
The timing of this is interesting with the new self-hosted wallet rules on the horizon.
Perhaps it is people buying up all the bitcoin they can and storing it in hard wallets before rules come out making it much more difficult to do so.
Either way, there is a lot less bitcoin on exchanges than there was a year ego, even though the total supply of bitcoin has been going up every day over the last year.
As supply drops it becomes that much easier to push the price up.
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As supply drops it
Becomes that much easier
To push the price up.
- jondoe
I'm a bot. I detect haiku.
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Interesting to see what they decide to do with that self hosted wallet rule.
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I did see recently that supply was moving towards exchanges again, need to do a post on it.
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Sounds like a scam.
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