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: media@bybit.com
For more information, please visit: https://www.bybit.com
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