{"id":473310,"date":"2021-10-08T19:00:30","date_gmt":"2021-10-08T19:00:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=473310"},"modified":"2024-06-11T13:59:18","modified_gmt":"2024-06-11T13:59:18","slug":"bitcoin-supply-shock-reserves-lows","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-supply-shock-reserves-lows\/","title":{"rendered":"Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017"},"content":{"rendered":"

Bitcoin spot reserves continue the recent trend of decline as values now stand at the lowest since October 2017. This shows the supply shock is tightening its grip.<\/p>\n

Bitcoin Supply Shock Narrative Grows Further As Spot Reserves Decline To October 2017 Levels<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, BTC spot reserves have dropped down to lows not seen since October 2017.<\/p>\n

The spot reserves<\/a> is a Bitcoin indicator that shows the total amount of coins held on wallets of all spot exchanges.<\/p>\n

When the value of the metric goes up, it means there is now an increase in the supply of BTC for selling and altcoin purchasing. Such a change can drive the price of the coin down.<\/p>\n

On the other hand, the supply of BTC reduces on spot exchanges when the value of the reserve shows a decline. This behavior can be bullish for the coin in the long term.<\/p>\n

Related Reading |\u00a0On-Chain Data Shows Bitcoin Investors Don’t Want To Sell At This Level<\/a><\/strong><\/em><\/p>\n

Now, here is a chart that shows the trend in the value of the indicator over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

BTC spot reserves continue to decline | Source: CryptoQuant<\/a><\/pre>\n
The above graph shows some interesting trends in the value of the indicator. First, during the 2017 bull run, the reserve shot up and attained very high values.<\/p>\n
Next, these high values sustained as the curve mostly flattened for years except for a stretch around 2019 where the metric saw even higher values before dropping back to the same levels as before around the start of 2020.<\/p>\n
Related Reading |\u00a0CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin<\/a><\/strong><\/em><\/p>\n
When 2020 hit, however, the trend changed and the BTC spot reserves started dropping off. This continued into 2021, where the values dropped down even faster.<\/p>\n
Now, the indicator has reached the same levels as October 2017. That is, the values that were there before the 2017 bull run surged them.<\/p>\n
Such a decrease in the reserves could mean there is a supply shock<\/a> brewing up in Bitcoin. This could end up being bullish for the crypto.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $54.3k, up 15% in the last seven days. Over the past month, the crypto has gained 18% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last three months:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price shows a big move up | Source: BTCUSD on TradingView<\/a><\/pre>\n
The coin’s latest sharp move up took it past the $55k level for the first time since May of this year. Today, the crypto surged up to as high as $55.9k before dropping back down to the current price mark. If the supply shock continues like this, then perhaps it will be beneficial for the crypto’s value in the long term.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin spot reserves continue the recent trend of decline as values now stand at the lowest since October 2017. This shows the supply shock is tightening its grip. Bitcoin Supply Shock Narrative Grows Further As Spot Reserves Decline To October 2017 Levels As pointed out by a CryptoQuant post, BTC spot reserves have dropped down to lows not seen since October 2017. The spot reserves is a Bitcoin indicator that shows the total amount of coins held on wallets of all spot exchanges. When the value of the metric goes up, it means there is now an increase in the supply of BTC for selling and altcoin purchasing. Such a change can drive the price of the coin down. On the other hand, the supply of BTC reduces on spot exchanges when the value of the reserve shows a decline. This behavior can be bullish for the coin in the long term. Related Reading |\u00a0On-Chain Data Shows Bitcoin Investors Don’t Want To Sell At This Level Now, here is a chart that shows the trend in the value of the indicator over the last few years: BTC spot reserves continue to decline | Source: CryptoQuant The above graph shows some interesting trends in the value of the indicator. First, during the 2017 bull run, the reserve shot up and attained very high values. Next, these high values sustained as the curve mostly flattened for years except for a stretch around 2019 where the metric saw even higher values before dropping back to the same levels as before around the start of 2020. Related Reading |\u00a0CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin When 2020 hit, however, the trend changed and the BTC spot reserves started dropping off. This continued into 2021, where the values dropped down even faster. Now, the indicator has reached the same levels as October 2017. That is, the values that were there before the 2017 bull run surged them. Such a decrease in the reserves could mean there is a supply shock brewing up in Bitcoin. This could end up being bullish for the crypto. BTC Price At the time of writing, Bitcoin’s price floats around $54.3k, up 15% in the last seven days. Over the past month, the crypto has gained 18% in value. The below chart shows the trend in the price of the coin over the last three months: BTC’s price shows a big move up | Source: BTCUSD on TradingView The coin’s latest sharp move up took it past the $55k level for the first time since May of this year. Today, the crypto surged up to as high as $55.9k before dropping back down to the current price mark. If the supply shock continues like this, then perhaps it will be beneficial for the crypto’s value in the long term.<\/p>\n","protected":false},"author":542,"featured_media":473312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84453,84454,1119,1144],"class_list":["post-473310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-spot-reserves","tag-bitcoin-supply-shock","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017<\/title>\n<meta name=\"description\" content=\"Bitcoin spot reserves continue the recent trend of decline as values now stand at the lowest since October 2017. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017","url":"http:\/\/ktsl888.com\/news\/bitcoin-supply-shock-reserves-lows\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-supply-shock-reserves-lows\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/tejaswin-gundala-MyzE3b4h6wg-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/tejaswin-gundala-MyzE3b4h6wg-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin spot reserves","bitcoin supply shock","btc","btcusd"],"dateCreated":"2021-10-08T19:00:30Z","datePublished":"2021-10-08T19:00:30Z","dateModified":"2024-06-11T13:59:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Supply Shock: Reserves Drop To Lows Not Seen Since October 2017\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-supply-shock-reserves-lows\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-supply-shock-reserves-lows\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/tejaswin-gundala-MyzE3b4h6wg-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/tejaswin-gundala-MyzE3b4h6wg-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin spot reserves\",\"bitcoin supply shock\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-08T19:00:30Z\",\"datePublished\":\"2021-10-08T19:00:30Z\",\"dateModified\":\"2024-06-11T13:59:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/tejaswin-gundala-MyzE3b4h6wg-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/473310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=473310"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/473310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/473312"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=473310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=473310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=473310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}