Bitcoin’s presence on centralized exchanges has hit an all-time low, suggesting a bullish future for the cryptocurrency. Austin Arnold, host of Altcoin Daily, highlighted this trend, noting that when investors move their bitcoin off exchanges, they are likely holding rather than selling. This indicates confidence in bitcoin’s long-term value.
Data from CoinGlass shows that after a brief dip below $50,000, bitcoin quickly rebounded to $60,000, suggesting the selling pressure is diminishing. Arnold also pointed out growing institutional interest, with large entities steadily accumulating bitcoin, further reducing its supply on exchanges.
As supply tightens and demand remains strong, Arnold predicts a potential price surge, with bitcoin possibly surpassing $100,000 soon.