Bitcoin may end on exchanges around the world in 9 months

According to Bybit analysts, in less than a year, there may be no BTC reserves left at all. The reasons include the emergence of spot ETFs on bitcoin and halving, which will take place in 2 days.

The day before, the reserves of the first cryptocurrency on centralized exchanges (CEX) fell to a three-year low. As a result of the halving, bitcoin issuance will be cut in half. The supply of the first cryptocurrency will no longer meet the demand — there will be less BTC on the market than investors want. And with the launch of the BTC-ETF, investor demand has become too high.

Bitcoin whales add up to 200,000 BTC per month to their balances. After the halving, the number of coins entering circulation will decrease to 14,000 BTC.

«Bitcoin reserves on all centralized exchanges are depleting faster and faster. If we assume that the daily inflow of funds to BTC spot ETFs is $ 500 million, then the exchange reserves will leave about 7142 bitcoins every day. This means that it will take only 9 months to spend all the reserves,» Bybit’s research says.

According to CryptoQuant, on April 16, bitcoin reserves on CEX fell to a three-year low. Currently, the figure is 1.94 million BTC or about $ 127 billion.

The peculiarity of this cycle was that miners started selling their reserves much earlier than in previous years. This indicates a change in sentiment among miners. Such dynamics may indicate that BTC miners consider the price rally of the token before the 2024 halving to be weaker than in previous cycles. Therefore, they wanted to make a profit earlier.