Certain Bitcoin fundamentals suggest the flagship crypto token is well primed for further growth in this bull market. However, its recent price decline has sparked concerns about the reason for this downward trend despite everything pointing to a sustained upward movement. Bitcoin Supply On Exchanges Hit 4-Year Low Data from the on-chain analysis platform CryptoQuant highlighted that the supply of Bitcoin on exchanges has seen nearly a 40% drop in 4 years and is reducing ahead of the Bitcoin halving. This underscores the bullish sentiment around the Bitcoin ecosystem as the decreasing supply on supply suggests that most investors have no plans to sell their holdings anytime soon. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern The CryptoQuant data also noted that Bitcoin’s demand is outpacing its supply, which is said to have been the prevailing trend since 2020. This development offers a bullish narrative as it can continue to increase Bitcoin’s value since “scarcity boosts perceived value.” This trend is also expected to be sustained once the Halving occurs since mine ..
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