Bitcoin hit a new record high of $125,700 on Coinbase on Sunday morning, according to TradingView data, with balances on exchanges falling to a six-year low.
Bitcoin hit a new record high of $125,700 on Coinbase on Sunday morning, according to TradingView data, with balances on exchanges falling to a six-year low.
The previous high of $124,500 was recorded on August 14. After a 13,5% decline by September 1, Bitcoin has rebounded sharply again, opening an encouraging «Uptober» for crypto analysts. «Bitcoin is hitting a new record… And most people still don’t understand what it is,» said Nova Dius President Nate Djerasi.
Rekt Capital analyst added: «If BTC can confidently break through the $126,500 mark, the price could go much higher — and very quickly.»
According to Glassnode, the total BTC balance on centralized exchanges fell to 2.83 million BTC, the lowest since June 2019, when Bitcoin was worth around $8,000.
The CryptoQuant platform gives an even lower estimate of 2.45 million BTC, which corresponds to a seven-year low. Over 114,000 BTC (over $14 billion) have been withdrawn from exchanges in the past two weeks.
This outflow means that investors are moving assets into their own custody or corporate funds, which reduces the supply of coins on the market. Bitcoins are considered «liquid supply» on exchanges, which can enter the market at any moment and affect the price.
«I hear exchanges are running out of Bitcoin,» Matthew Siegel, head of digital assets at VanEck, wrote on Saturday. «We could see the first official shortage on Monday at 9:30 a.m.,» he added, cautioning that this is not financial advice, but «maybe time to buy some BTC.»
Investor Mike Alfred confirmed: «Just spoke to the head of one of the major OTC desks. At the current rate, they will run out of Bitcoin to sell within two hours of the futures opening unless the price rises to $126,000-$129,000. It’s getting hot.
