Bitcoin Reserves on Binance Drop to July Lows Amid Potential Supply Shock
Bitcoin Market Update
- Bitcoin's monthly gain in October is approximately 1.54%, with a price correction from an all-time high of $126,000 to around $111,400.
- Crypto analyst Amr Taha notes a significant decline in Bitcoin exchange reserves on Binance, now near 610,000 BTC, a level last seen in July.
- This drop in reserves suggests a potential supply shock, increasing the market's susceptibility to price increases due to reduced selling pressure and higher demand.
Factors Influencing Exchange Reserve Decline
- The current Bitcoin price around $111,500 indicates strong demand and long-term holder confidence.
- Institutional and whale accumulation, along with demand from spot ETFs, are primary drivers of declining reserves.
As of now, Bitcoin trades at approximately $111,613, showing stability in recent price movements.
