Bitcoin Supply On Exchanges Hit 4-Year Low, But Why Is Price Crashing?
Summary
Bitcoin supply on exchanges has dropped by nearly 40% in 4 years, signaling bullish sentiment and scarcity. Demand outpacing supply since 2020 is expected to increase Bitcoin's value, with analysts predicting a rise to $237,000. Reasons for recent price decline include overleveraged traders, waning hopes for SEC approval of Ethereum ETFs, and negative Bitcoin ETF inflows. Analysts anticipate significant price corrections ahead of the April Halving event. Bitcoin is currently trading at around $63,000.
