~$10 Billion Worth of Bitcoin Leaves Exchanges Since US ETF Launch🚀

Since the introduction of US spot exchange-traded funds (ETFs), crypto exchanges have witnessed a staggering outflow of nearly $10 billion worth of Bitcoin. Data from Glassnode, a trusted on-chain analytics firm, reveals a significant dip in exchanges, with over 136,000 BTC withdrawn since January 11.

This trend in Bitcoin exchange activity suggests a strong preference for holding rather than selling, signaling bullish sentiments among investors. In just under three months since the launch of U.S. spot Bitcoin ETFs, approximately $9.5 billion worth of BTC has been withdrawn from major trading platforms. Glassnode's latest statistics, as of March 28, indicate a combined balance of 2,320,458 BTC across all tracked exchanges — the lowest since April 2018.

The withdrawal trend shows no signs of slowing down, with a daily withdrawal exceeding 22,000 BTC ($1.54 billion) on March 27, marking the third-largest daily withdrawal in 2024. Additionally, J.A. Maartunn, a contributor to CryptoQuant, highlighted a significant transfer of stablecoin USD Coin to Coinbase, the largest U.S. crypto exchange, which he described as the largest inbound transfer in history.

Speculation on the impact of ETFs on BTC supply and prices is gaining traction among market observers. With predictions of a looming supply squeeze within the next six to 12 months, driven by demand surpassing available BTC for sale, the long-term implications of ETFs on Bitcoin's supply dynamics are under scrutiny.

Following the upcoming block rewards halving in mid-April, which will see the BTC supply reduce by just 3.125 BTC per newly mined block, the ratio of ETF buying to newly unlocked BTC will further increase.

With institutional demand through ETFs, coupled with the supply squeeze from the halving, BTC is poised to become even scarcer, potentially solidifying its position as the world's hardest asset. As April approaches, anticipation for these developments is running high.
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