TL;DR
Full Story
If you happen to’ve ever considered shopping for a home, you’ll be aware of the time period(s) “Purchaser’s/vendor’s market.”
(I.e. if there’s an extra of houses in the marketplace, costs decrease to entice patrons. But when there’s an absence of houses in the marketplace, costs improve to fulfill demand).
Similar goes for crypto.
And as everyone knows, the large daddy that drives the market is Bitcoin — and what’s good for BTC is usually good for many main cryptocurrencies.
Now, with all of that in thoughts, let this sink in:
Bitcoin holdings on Coinbase simply reached their lowest ranges since 2015.
Consider exchanges (like Coinbase) as actual property brokers — if of us are transferring their crypto onto exchanges, it signifies the intention to promote.
On the flip facet, in the event that they’re transferring their crypto off exchanges, it exhibits an intent to carry.
Right here’s the mathematics on why we’re all giddy with pleasure over this:
BTC provide is drying up on Coinbase + Coinbase is liable for shopping for BTC for a lot of the ETFs + the ETFs are shopping for ~$2.4B of BTC per week = potential provide crunch and worth run as much as meet demand.
And when you’re not a Bitcoin holder, keep in mind:
What’s good for BTC is usually good for many main cryptocurrencies.
We like to see it!
.gif?format=1500w&w=1920&resize=1920,806&ssl=1&description=Coinbase%20Is%20Running%20Out%20of%20Bitcoin%20%28Here%E2%80%99s%20How%20That%20Benefits%20You%29%20%7C%20Web3%20Daily){kind=link}