Bitcoin Supply Crunch and ETF Inflows Dem Carry Price Pass $108K
Bitcoin price don jump pass $108,000 after exchange reserves don drop reach six-year low of 2.4 million BTC. Institutional demand and ETF inflows don waka plus 650,000 BTC comot from centralized exchanges inside eight months, wey tighten supply and reduce sell-side liquidity. Dis scarcity don help push Bitcoin price from under $20,000 for mid-2022 to over $100,000 for late 2024. Trading volume and futures open interest spike, show say market gots strong momentum. Key support dey near $105,000, with resistance around $110,000. Analysts talk say dis breakout mean say people get renewed confidence because of positive macro data and plenty global liquidity. Continued upside depend on if dem fit maintain ETF inflows and strong demand.
Bullish
Di news dey signal say Bitcoin price go rise. Exchange reserves reach wetin dem never see for six years mean supply tight, plus big ETF inflows plus how institutions dey withdraw dey reduce di sell side liquidity. Combine with more trading volume plus futures open interest, all these dey push strong short-term momentum. For long term, as institutions dey adopt well well plus supply dey limited, e go help price climb more. But to keep di rise steady, e dey important to hold key support for $105,000 plus make ETF activities continue.