PRNewswire

Dubai [UAE], April 17: 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%.

Also Read | Jennifer Garner Birthday: Check Out Some of Her Whistle-Worthy Red Carpet Looks!.

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."

Also Read | Elon Musk Says Raising a Kid Is 18 Years of Prompt Engineering.

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.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit's Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

Photo - https://mma.prnewswire.com/media/2388225/Bybit_Report_Exchanges_Have_Only_Nine_Months_Supply_Current_Prices.jpgLogo - https://mma.prnewswire.com/media/2267288/Logo.jpg

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same.)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)