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- Bybit Report: Exchanges Have Just Nine Months of Supply at Current Prices Before Bitcoin Halving
DUBAI, UAE, April 17, 2024 /PRNewswire/ -- Bybit, one of the world's top three crypto exchanges by volume, has released a new report showing that current Bitcoin supply dynamics leave only nine months of supply in the exchanges. This is due to the upcoming Bitcoin halving, which will reduce supply by 50%.
After the halving, the reduction in Bitcoin supply is expected to intensify. “Bitcoin reserves on all centralized exchanges have been depleting more rapidly,” the report says. "With only 2 million bitcoins remaining, if we assume a daily inflow of $500 million into Bitcoin spot ETFs, the equivalent of around 7,142 bitcoins will flow out of exchange reserves daily, suggesting only nine will be needed. months to consume all remaining reserves."
In fact, the halving will make Bitcoin twice as rare as gold, according to the report. "The stock-to-flow (S2F) ratio is calculated by dividing the circulating supply of a product by its annual production, providing an indicator of shortages," the report says. "Bitcoin's S2F ratio is around 56 before the next halving, while gold is 60. After the halving in April 2024, Bitcoin's S2F ratio is projected to double." to 112".
Given this, institutional investors have been ahead of the curve and positioned themselves for this event early, especially since the US approval of Bitcoin spot ETFs. “Bitcoin is becoming the safest investment option for even the most sophisticated investors in the cryptocurrency space,” the report says. "The price correlation between Bitcoin and the rest of the cryptocurrencies has been consistently high, and investment in Bitcoin has also been considered the cryptocurrency with the lowest beta."
“Each Bitcoin halving sharpens the narrative of Bitcoin not just as a currency, but as a scarce digital asset, similar to digital gold,” said Ben Joe, co-founder and CEO of Bybit. "This upcoming halving in 2024 will push Bitcoin into an era of unprecedented scarcity, making it twice as rare as gold."
Read the report here
About Bybit
Bybit is one of the world's top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where cryptocurrency investors and traders can find a lightning-fast matchmaking engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the reigning Formula One Constructors and Drivers champions – the Oracle Red Bull Racing team.
For more details on Bybit, visit Bybit Press.For media inquiries, contact: media@bybit.com For more information, visit: https://www.bybit.com For updates, follow: Bybit's Communities and Social Media
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