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NewsBTC 2024-04-17 17:00:31

Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report

Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report

Cryptocurrency exchange and trading platform, Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on the supply dynamics of Bitcoin within exchanges in the crypto space. The crypto firm has provided valuable insights on how the halving event would enhance scarcity and considerably influence the price of BTC. Exchanges Set To Face Bitcoin Supply Crunch On Tuesday, April 16, Bybit published a new report, providing a detailed analysis of the Bitcoin halving event set to take place this month. The crypto firm disclosed that the Bitcoin reserves within the world’s crypto exchanges have been depleting at a rapid pace, leaving only nine months of BTC supply left on exchanges. Related Reading: Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1 For a clearer perspective, Bybit explains that with just two million Bitcoin left in its total supply, a daily influx of $500 million into Spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would take only nine months to completely consume all of the remaining BTC reserves on exchanges. Bybit has stated that a major contributor to this supply squeeze would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50% by cutting Bitcoin miners’ rewards in half. The crypto exchange has also disclosed that after the halving event, the sell-side supply of BTC flowing into Centralized Exchanges (CEXs) will become grossly reduced. Additionally, Bitcoin’s “supply squeeze will ostensibly be worse.” BTC To Become “Twice As Rare As Gold” In its report, Bybit compared Bitcoin’s supply after the halving event with that of gold. The crypto exchange revealed that Bitcoin was steadily growing to become one of the safest investment choices, even for the most seasoned and sophisticated investors within the crypto space. According to the exchange, the Bitcoin halving event would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold. Basing this analysis on the Stock-to-Flow (S2F) ratio, Bybit disclosed that Bitcoin’s S2F ratio is around 56 currently, while gold’s ratio is 60. After the halving event this April, Bitcoin’s S2F ratio is projected to increase to 112. Related Reading: Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible “Each Bitcoin halving sharpens the narrative of Bitcoin as not just a currency, but a scarce digital asset, akin to digital gold. This upcoming halving in 2024 will thrust BTC into an era of unprecedented scarcity, making it twice as rare as gold,” the Co-founder and CEO of Bybit, Ben Zhou stated. While highlighting the significance of Bitcoin’s rarity following the halving event, another report also disclosed that the price of Bitcoin would experience significant upward pressure post-halving. This suggests that BTC’S supply squeeze could potentially propel its price to new heights during this period. Furthermore, the report revealed that several crypto analysts predict that the post-halving increase in Bitcoin’s price would be less remarkable than the early pre-halving surge which saw the price of Bitcoin hitting new all-time highs of more than $73,000. BTC price drops below $63,000 | Source: BTCUSD on Tradingview.com Featured image from Analytics Vidhya, chart from Tradingview.com

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