ICO Analytics has revealed the change in the Bitcoin supply held in crypto money exchanges since the beginning of the year with its last published chart. Since the beginning of 2020, the amount of BTC held on exchanges has decreased by about 30%.
ICO Analytics, one of the leading data analysis platforms in the crypto money industry, shared a chart showing the amount of Bitcoin held in stock exchanges since the beginning of the year. According to the chart prepared in line with ViewBase data, the total BTC supply held in crypto money exchanges decreased by 28.5% in the 11-month period we have left behind.
According to the published chart, the stock market with the most Bitcoins is observed as Coinbase with an overwhelming superiority. Coinbase has 891 thousand BTC. The amount of BTC on the Huobi exchange, which ranks second in terms of Bitcoin supply, has decreased by almost 50% since the beginning of the year. Bitcoin supply on Binance and Bitfinex platforms has decreased by more than 50% since the beginning of the year.
Decreasing Bitcoin supply corrodes higher prices
At the beginning of 2020, the total number of Bitcoins held on stock exchanges was 2 million 250 thousand, now this number has decreased to 1 million 607 thousand. Increasing demand in the face of decreasing supply for Bitcoin makes the BTC price perform exceptionally. The decrease in stock market supply is interpreted by many names as there are more investors adopting the HODL strategy. Increasing HODL thinking for Bitcoin further secures the leading coin’s future place.
Crypto Emre also drew attention to the decrease in Bitcoin supply with the graphic he shared on Twitter. Crypto Emre, by saying the most meaningful data describing the rise in Bitcoin; He emphasized that the amount of BTC held in stock exchanges since the beginning of 2020 has declined.
“Supply reduced by HODLists = rising prices”
The institutional investment army, which is growing day by day, together with the individual investors who adopt the HODL strategy, have a large share in the decrease in Bitcoin supply. Many institutional investors such as Microstrategy and Square continue to buy large amounts of Bitcoin as reserve assets.