$26B in Bitcoin and Ethereum Leave Exchanges, Sparking Supply Fears!

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In a sudden shift in the market mood, more than $26 billion worth of Bitcoin and Ethereum have been extracted from the centralized exchange since January 2024. However, only $9.1 billion worth of USDTether has flowed in. This sudden rise in the outflow of Bitcoin and Ethereum from the leading cryptocurrency exchanges signals a shift in market sentiments.

Further, the Bitcoin miners are intensifying the supply squeeze. As of now, the miners have reduced their Bitcoin reserves by 29,377 BTC. This brings the Bitcoin miners’ holdings down from 1.8 million BTC to 1.18 million BTC. As the market is on the cusp of facing a significant crunch in Bitcoin, will this decline result in an artificial rise of demand to pump BTC’s price to a new all-time high?