Cryptocurrency exchanges are left with only nine
months’ worth of Bitcoin supply at current prices with only three days
left to Bitcoin halving. According to the latest analysis by Bybit, with just 2 million
bitcoins remaining and a daily inflow of $500 million to Bitcoin Spot ETFs,
approximately 7,142 bitcoins will exit exchange reserves daily.
The much-anticipated halving event, which reduces the
supply of Bitcoins by 50%, is expected to make Bitcoin more scarce. Bybit
highlighted the rapid rapid depletion of Bitcoin reserves across centralized
exchanges post-halving. This trend
indicates that it will take about nine months to exhaust all remaining
reserves.
Ben Joe, the Co-Founder and CEO of Bybit, mentioned:
“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 Bitcoin into an era of unprecedented scarcity,
making it twice as rare as gold.”
The report differentiated between Bitcoin and gold,
emphasizing Bitcoin’s increasing rarity post-halving. The Stock-to-Flow (S2F)
ratio, a measure of scarcity, is projected to double from 56 to 112 after the
upcoming halving, surpassing gold’s S2F ratio of 60.
Institutional Adoption of Bitcoin
This comparison solidifies Bitcoin’s status as a
scarce digital asset, positioning it as a viable alternative to traditional
safe havens like gold. Additionally, Bybit highlighted the adoption of
Bitcoin by institutional investors following the recent approval of spot
Bitcoin ETFs in the US.
This trend indicates that institutions have recognized
the importance of Bitcoin as a safe investment option. This has led to
heightened investment activity ahead of the halving event. The correlation between Bitcoin and other
cryptocurrencies remains strong, further cementing Bitcoin’s reputation as the
cryptocurrency with the lowest beta.
Cryptocurrency exchanges are left with only nine
months’ worth of Bitcoin supply at current prices with only three days
left to Bitcoin halving. According to the latest analysis by Bybit, with just 2 million
bitcoins remaining and a daily inflow of $500 million to Bitcoin Spot ETFs,
approximately 7,142 bitcoins will exit exchange reserves daily.
The much-anticipated halving event, which reduces the
supply of Bitcoins by 50%, is expected to make Bitcoin more scarce. Bybit
highlighted the rapid rapid depletion of Bitcoin reserves across centralized
exchanges post-halving….
