The Amount of Bitcoin on Exchanges Is Shrinking. Is a Rally Imminent?

A CryptoQuant researcher has said that bitcoin’s supply dynamics could soon help its price. Bitcoin’s price could be due a move upwards as the supply of the leading cryptocurrency on exchanges shrinks. That’s according to a researcher at data firm CryptoQuant, who wrote in a Monday report that bitcoin on exchanges has dropped to 2.67 million from 2.8 million since February. The price of bitcoin was recently $83,485, unmoved over a 24-hour period but up 8% over the past 30 days after having its best quarter in years.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Bitcoin Magazine.