Bitcoin News Today | Bitcoin Supply Hits Lowest Level Since 2018: What Does It Mean?

In this video, we delve into the recent developments in the world of cryptocurrency. The last days of September have brought challenges for Bitcoin as Asian markets decline, Evergrande's woes persist, and the Fed adopts a hawkish stance, all contributing to a lack of risk appetite.

However, amidst these challenges, there's a significant development to explore: the supply of Bitcoin on exchanges has dropped to its lowest level since 2018. What implications does this hold for the cryptocurrency market? We break down the analysis of Willy Woo, founder of the statistical platform Woobull, who argues that this scarcity might not necessarily drive up prices as commonly believed.

Woo points out that the synthetic nature of BTC balances on exchanges, created through futures markets, may not create the desired supply shock. He suggests that the approval of a Bitcoin spot price exchange-traded fund (ETF) in the US could be a potential solution to this issue.

Furthermore, we explore how "paper Bitcoin" and futures trading have impacted Bitcoin's price performance since 2019. Woo's perspective sheds light on the importance of futures trading in determining the spot price, and he argues that historical bull runs may depend on the approval of a spot ETF.

But it's not all gloom and doom. Another analyst, Moustache, presents a contrasting viewpoint, suggesting that the current market levels could present a last opportunity to buy at the bottom. Drawing comparisons with 2020 and highlighting fascinating similarities in Bitcoin's relative strength index (RSI), Moustache challenges prevailing expectations of a prolonged bear market.

In summary, this video explores the complex dynamics affecting Bitcoin's price and what the lowest supply levels since 2018 might mean for its future. Whether you're a seasoned investor or just curious about the cryptocurrency market, this video provides valuable insights into the ongoing narrative of Bitcoin's price movements.

Bitcoin News Today | Bitcoin Supply Hits Lowest Level Since 2018: What Does It Mean?

Bitcoin Supply Hits Lowest Level Since 2018: What Does It Mean?
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