Exchanges are rapidly depleting their supply of Bitcoin, driving its price towards $100,000. Massive BTC withdrawals from major trading platforms, exceeding $9.5 billion this quarter, are favoring the bulls. Top US exchange Coinbase records its lowest BTC balance since April 2018. The withdrawal trend is accelerating, with over 22,000 BTC withdrawn on March 27 alone, valued at $1.54 billion, the third largest daily count in 2024. Additionally, a major transfer of the USDC stablecoin to Coinbase marks a change in the market. The introduction of Bitcoin ETFs in the US is raising expectations about the long-term impact on the supply of BTC and its price. A "stranglehold" in supply is expected over the next six to twelve months, with demand outstripping the supply available for sale. The ETF purchase already exceeds the new daily BTC supply from miners, and with the upcoming halving, the supply will reduce even further, supporting the possibility of a Bitcoin valued at $100,000 in the near future.
