Bitcoin Exchange Supply Reaches 7-Year Low as Traders Hunker Down
The total supply of Bitcoin on exchanges has fallen to 2.488 million BTC, the lowest level in seven years. Exchange reserves increased slightly to 2.492 million BTC but remain at a low not seen since October 2018. Bitcoin's price is currently $95,400, influenced by potential tariff negotiations between the Trump administration and China. Bitcoin funds saw $3.2 billion in inflows for the week ending April 28, reversing several weeks of negative flows. The exchange whale ratio decreased from 0.512 to 0.36, indicating increased retail participation in trading. Bitcoin's correlation with gold has fluctuated significantly this year, making it premature to label it as digital gold. The Bitcoin dominance index rose from 54% in December to 63.4%, suggesting a shift from volatile altcoins to Bitcoin. The Bitcoin volatility index has shown fewer large spikes recently, although no significant reduction in volatility has occurred in the past few weeks.
