Bitcoin (BTC) exchange reserves are at the bottom level of the last three years

Available on stock exchanges BitcoinIts supply decreased to the lowest level in 3 years, according to information dated June 19, 2024.

According to CryptoQuant data, there are currently 2,825,703 on the exchanges. Bitcoin It is found. In January 2024, the BTC exchange balance was around 3,039,000. Low foreign exchange reserves, sometimes referred to as currency stability, coincide with low selling pressure and a potential supply shock due to the relatively low supply available for purchase.

Bitcoin pressures ETFs

Bitcoin in the USA in January 2024 ETF’ After their approval, asset managers such as BlackRock put pressure on BTC supply. As of June 6, BlackRock’s iShares Bitcoin Trust (IBIT) held approximately 274,000 BTC. BlackRock’s ETF is only one of 11 BTC ETFs currently trading in the US.

In May 2024, monthly inflows into digital asset funds reached $2 billion, primarily driven by inflows into BTC investment funds and works. According to the June 17 Coinshares Weekly Fund Flows report, Bitcoin investment vehicles hold approximately $73 billion worth of BTC globally.

However, the exact report also revealed that BTC investment instruments recorded a weekly outflow of $621 million in the week of June 15, 2024. This was the largest and most valuable outflow since the week of March 22, 2024. Coinshares revealed that the Fed’s “more hawkish than expected” comments implying that it would keep interest rates high led to capital flight from fixed-supply assets such as BTC.

Despite growing corporate interest, industry experts such as Franklin Templeton CEO Jenny Johnson say corporate adoption has not been rapid enough. Speaking to CNBC, Johnson said:

“This is really the first wave of early adopters, and I think the next wave will be much larger institutions.”

If Johnson’s prediction proves correct, institutional capital may continue to flow into Bitcoin.