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Bybit Report: Exchanges Have Only Nine Months Supply at Current Prices Before Bitcoin Halving

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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 the current supply dynamics of Bitcoin leave only nine months of supply left on exchanges. This is due to the upcoming Bitcoin halving, which reduces supply by 50%.

Post-halving, the Bitcoin supply squeeze is expected to intensify. “Bitcoin reserves in all centralized exchanges have been depleting faster,” the report says. “With only 2 million bitcoins left, if we assume a daily inflow of $500 million to Bitcoin Spot ETFs, the equivalent of around 7,142 bitcoins will leave exchange reserves daily, suggesting that it will only take nine months to consume all of the remaining reserves.”

Indeed, 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 commodity by its annual production, yielding a gauge of scarcity,” the report says. “Bitcoin’s S2F ratio is around 56 before the upcoming 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 for this event in advance, especially since the U.S. approval of Bitcoin Spot ETFs. “Bitcoin is becoming the safest investment choice even for the most sophisticated investors in the crypto field,” the report says. “The price correlation between Bitcoin and the rest of cryptocurrency has been consistently high, and investment in Bitcoin has also been regarded as the cryptocurrency with the lowest beta.”

“Each Bitcoin halving sharpens the narrative of Bitcoin as not just a currency, but a scarce digital asset, akin to digital gold,” stated Ben Joe, Co-Founder and CEO of Bybit. “This upcoming halving in 2024 will thrust Bitcoin into an era of unprecedented scarcity, making it twice as rare as gold.”

Read the report here

#Bybit / #TheCryptoArk

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 crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Cision View original content:https://www.prnewswire.co.uk/news-releases/bybit-report-exchanges-have-only-nine-months-supply-at-current-prices-before-bitcoin-halving-302118174.html

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Blockchain

MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase

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MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.

MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.

MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.

Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.

Source: crypto.news

The post MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase appeared first on HIPTHER Alerts.

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Pollbits Redefines Crypto Trading Standards with Industry-Leading Features and Services

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PollBits is redefining crypto trading standards with its industry-leading features and services. This platform is making waves in the cryptocurrency trading space by offering innovative solutions and setting new benchmarks for excellence.

PollBits stands out from other crypto trading platforms by introducing cutting-edge features and services that cater to the needs of traders and investors. By prioritizing user experience and functionality, PollBits is enhancing the trading experience and empowering users to make informed decisions in the dynamic cryptocurrency market.

PollBits’ commitment to excellence and innovation is driving its success and setting it apart as a leader in the industry. With its focus on providing industry-leading features and services, PollBits is positioning itself as a go-to platform for traders seeking a reliable and user-friendly trading experience.

Overall, PollBits’ redefinition of crypto trading standards underscores the rapid evolution and maturation of the cryptocurrency industry. As platforms like PollBits continue to push the boundaries of innovation, traders and investors can expect greater accessibility, transparency, and efficiency in cryptocurrency trading, ultimately contributing to the growth and adoption of digital assets worldwide.

Source: cryptonews.com

The post Pollbits Redefines Crypto Trading Standards with Industry-Leading Features and Services appeared first on HIPTHER Alerts.

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Fantasy Metaverse Darklume – Presale is LIVE

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The presale for Fantasy Metaverse Darklume is now live. This development marks a significant milestone for the project, signaling its progression towards launch and the realization of its vision for a fantasy-themed metaverse.

Fantasy Metaverse Darklume aims to create an immersive virtual world inspired by fantasy themes, offering users the opportunity to explore, interact, and engage with others in a digital environment. The presale phase represents an early opportunity for participants to acquire tokens associated with the project, potentially securing access to exclusive benefits or privileges within the metaverse once it is fully operational.

The launch of the presale underscores the growing interest in metaverse projects and their potential to redefine how people interact and socialize in virtual spaces. As the concept of the metaverse continues to gain traction, initiatives like Fantasy Metaverse Darklume are poised to play a significant role in shaping the future of digital experiences and entertainment.

The presale for Fantasy Metaverse Darklume represents an exciting opportunity for investors and enthusiasts to get involved in a promising project at an early stage. As development progresses and the metaverse evolves, participants can look forward to a new realm of immersive experiences and creative possibilities in the digital landscape.

Source: the-blockchain.com

The post Fantasy Metaverse Darklume – Presale is LIVE appeared first on HIPTHER Alerts.

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