The best Chart in all of Crypto... and Chinese Miners getting squeezed which is pushing up BTC prices!

LeoFinance
14 days ago
2 Min Read
322 Words

If you don't keep goosebumps seeing this chart, you need to check your pulse

Bitcoin has been surging as of late, but there has been something happening as well that has been a bit counter-intuitive.

What I mean by that is something is happening behind the scenes that you wouldn't expect to see with the price surging like it has been.

What am I talking about you may be wondering?

I'm talking about the amount of bitcoin being pulled off exchanges...

Check this chart out:

image.png

(Source: https://twitter.com/ColeGarnerBTC/status/1329829874425532416/photo/1)

The price continues to surge higher and the amount of bitcoin sitting on exchanges continues to decline.

That means it's getting easier and easier to push the price up as there simply isn't enough supply out there to counteract the uptick in demand.

Where is all this demand coming from you may be wondering?

The influx of demand is coming from all sorts of directions...

Corporations have been an unexpected source of demand for bitcoin as of late.

They now hold roughly $16 billion in BTC:

image.png

(Source: https://bitcointreasuries.org/)

Then there is also the entrance of PayPal and their hundreds of millions of users to bitcoin and crypto in the last week or so.

On the supply side, there has been some rumblings out of China that Chinese miners are not able to sell their bitcoin due to exchanges being shut down and fiat on-ramps/off-ramps being closed.

This was why the hashrate plummeted a few weeks ago and why the supply has been tanking as of late as they can't put their supply back on the exchanges like they normally do.

When you combine that with all the new demand coming in and you have a recipe for bitcoin prices mooning.

Something that isn't showing any signs of slowing down yet.

It looks like it's gonna be a fun Christmas for bitcoin investors!

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta