The available supply of Bitcoin on exchanges has shrunk to historical lows, returning to 2011 levels.
The last time on-chain metrics recorded a liquidity deficit of a similar magnitude was at the end of 2022. At the time, BTC was trading in the $16,000 range, which was followed by a powerful two-year bull cycle that multiplied the market capitalization by nearly eight times.
I view the current structure as a strong imbalance break between supply and demand. The historical precedent clearly shows that this kind of scarcity of coins available in the order book creates a very solid fundamental base for the market.
The last time on-chain metrics recorded a liquidity deficit of a similar magnitude was at the end of 2022. At the time, BTC was trading in the $16,000 range, which was followed by a powerful two-year bull cycle that multiplied the market capitalization by nearly eight times.
I view the current structure as a strong imbalance break between supply and demand. The historical precedent clearly shows that this kind of scarcity of coins available in the order book creates a very solid fundamental base for the market.