Bybit, one of the leading cryptocurrency exchanges in terms of trading volume, recently released a comprehensive analysis disclosing that only nine months’ worth of Bitcoin supply is left on exchanges. This scarcity is primarily attributed to the upcoming halving event, which will result in a 50% reduction in Bitcoin supply. Furthermore, the report predicts that the shortage of Bitcoin will intensify following the halving.
Remarkably, the report asserts that the halving will render Bitcoin twice as scarce as gold, emphasizing the increasing value and desirability of the cryptocurrency. Recognizing this significant development, institutional investors have been proactive in their response, particularly with the approval of Bitcoin Spot ETFs in the United States. These investors have been gearing up for this anticipated event.
Ben Joe, the Co-Founder and CEO of Bybit, expressed his thoughts on the matter, stating:
“We are witnessing a pivotal moment in the cryptocurrency market with the impending halving. As the supply of Bitcoin diminishes, its scarcity will skyrocket, potentially driving its value to new heights.”
For more detailed information, please refer to the complete report available here.
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