NEW: Bitcoin Exchange Supplies Expected to Run Out in 9 Months, Bybit Reports

Bitcoin’s supply on exchanges is projected to exhaust in just nine months due to the impending 50% cut in Bitcoin issuance. This prediction aligns with the scheduled Bitcoin halving this week, as reported by Bybit on April 15. The report highlighted that centralized exchanges are currently holding just 2 million Bitcoins, with an estimated 7,142 Bitcoins exiting daily due to a consistent $500 million inflow into Bitcoin Spot ETFs. This dynamic suggests a rapid depletion of Bitcoin reserves, potentially driving prices upwards as supply dwindles.

Furthermore, despite a recent market downturn that saw Bitcoin prices drop over 10% last week to $62,924, Bybit anticipates a recovery and a subsequent price surge triggered by the reduced supply post-halving. Historical data from CryptoQuant indicates that Bitcoin reserves on exchanges have hit a nearly three-year low of 1.94 million BTC as of April 16. This tightening of supply, combined with growing institutional and retail investment, underpins a bullish outlook for Bitcoin’s future pricing.

Bybit

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