🚀 Bitcoin Hits a New Peak Amid Supply Exodus
Bitcoin pushed past $125,700 on Coinbase — a fresh all-time high — as the market continues its strong “Uptober” run. Its previous peak had been around $124,500 in mid-August.
Simultaneously, data from Glassnode shows Bitcoin balances on centralized exchanges fell to 2.83 million BTC, a six-year low. CryptoQuant reports a similar figure of 2.45 million BTC, indicating a seven-year low. Over the past fortnight alone, more than 114,000 BTC (worth over $14B) have exited exchange wallets.
This mass withdrawal suggests holders are shifting toward self‑custody, institutional wallets, or treasury accounts, reducing the readily liquid supply.
📉 Why It Matters: Less Supply, More Upside
When BTC leaves exchanges:
- Sell pressure shrinks, as fewer coins are immediately available for liquidations
- Intent to HODL increases, implying confidence and long-term commitment
- Supply squeeze intensifies, potentially fueling sharper price moves
Matthew Sigel, head of digital assets research at VanEck, speculated exchanges might run out of BTC to sell unless prices run higher. Others suggested liquidity could dry up, forcing a scramble during market windows.
Analyst Rekt Capital noted that if BTC convincingly breaks $126,500, it may accelerate upward rapidly.
⚠️ What to Watch & Potential Risks
- Retracement risk: New all-time highs often attract short-term profit taking
- Liquidity shock: If exchanges are nearly empty, sudden market stress could amplify price swings
- Macro or regulatory volatility: Broader economic shifts or regulatory crackdowns could derail momentum
Still, the dovetail of new highs + supply drain sets the narrative in favor of sustained upside — unless broken by an external shock.
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