Coinbase’s BTC reserves fell $ 8 billion in three months

Bitcoin (BTC) price may have lost $ 10,000 in a week, but the cryptocurrency “supply crisis” is more real than ever.

Based on the latest data from the on-chain monitoring resource Glassnode The BTC reserves on the exchanges are at an all-time low.

Everyone wants BTC

In an insightful description of the investor’s strategy Foreign exchange reserves have declined in recent months and continued to decline despite mixed price movements.

Coinbase’s BTC reserves fell $ 8 billion in three months
Coinbase’s BTC reserves fell $ 8 billion in three months

The Hodler, it seems, They want Hodl instead of trading or sellingEven at all-time highs over $ 60,000.

On Coinbase, the largest US exchange by volume, BTC stocks have fallen nearly $ 8 billion in current prices, or 150,000 BTC, since January.

Coinbase, a popular place for large institutional buyers, underscores the continuing appetite for BitcoinAs Cointelegraph previously reported, large tranches of BTC that were leaving their books for cold storage.

BTC balance chart on Coinbase. Source: Bybt

“In my opinion, what happens is that American institutions and high net worth individuals replenish available currencies from weak hands and store them as strong HODLs in response to currency inflation.”, commented Statistician Willy Woo last week.

“The drop in BTC supply on Coinbase suggests there are institutional purchases in the US.”

Woo added that Those “strong” hands had bought the offering, which was launched with every price correction last year, with “incredibly bullish” results..

Graphic of the BTC balance on the main exchanges. Source: Glassnode

GBTC is activated with a 14% discount

For asset manager Grayscale, however, conditions remained inconsistent Grayscale Bitcoin Trust ($ GBTC) traded at a 14% discount off the spot price this week.

Almost all-time highs, the discount on the “GBTC premium” probably This is due to the release of liquidity to those who bought stocks six months ago.

At the time, a GBTC share was priced at around $ 11.17, a positive premium of around 12% over the spot price. Now, Despite the negative premium, a share costs $ 44.50.

GBTC Stock Chart vs. Holdings vs. Cousin. Source: Bybt

Grayscale faces stiff competition from new institutional investment vehicles. NYDIG is cutting rates this week as Morgan Stanley prepares to offer one of its funds to its own investors.

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