Bitcoin spot reserves continue the recent trend of decline as
values now stand at the lowest since October 2017. This shows the
supply shock is tightening its grip. Bitcoin Supply Shock Narrative
Grows Further As Spot Reserves Decline To October 2017 Levels As
pointed out by a CryptoQuant post, BTC spot reserves have dropped
down to lows not seen since October 2017. The spot reserves is a
Bitcoin indicator that shows the total amount of coins held on
wallets of all spot exchanges. When the value of the metric goes
up, it means there is now an increase in the supply of BTC for
selling and altcoin purchasing. Such a change can drive the price
of the coin down. On the other hand, the supply of BTC reduces on
spot exchanges when the value of the reserve shows a decline. This
behavior can be bullish for the coin in the long term. Related
Reading | On-Chain Data Shows Bitcoin Investors Don’t Want To
Sell At This Level Now, here is a chart that shows the trend in the
value of the indicator over the last few years: BTC spot reserves
continue to decline | Source: CryptoQuant The above graph shows
some interesting trends in the value of the indicator. First,
during the 2017 bull run, the reserve shot up and attained very
high values. Next, these high values sustained as the curve mostly
flattened for years except for a stretch around 2019 where the
metric saw even higher values before dropping back to the same
levels as before around the start of 2020. Related Reading
| CEO Of Soros Fund Management Confirms That The Family Office
Is Invested In Bitcoin When 2020 hit, however, the trend changed
and the BTC spot reserves started dropping off. This continued into
2021, where the values dropped down even faster. Now, the indicator
has reached the same levels as October 2017. That is, the values
that were there before the 2017 bull run surged them. Such a
decrease in the reserves could mean there is a supply shock brewing
up in Bitcoin. This could end up being bullish for the crypto. BTC
Price At the time of writing, Bitcoin’s price floats around $54.3k,
up 15% in the last seven days. Over the past month, the crypto has
gained 18% in value. The below chart shows the trend in the price
of the coin over the last three months: BTC’s price shows a big
move up | Source: BTCUSD on TradingView The coin’s latest sharp
move up took it past the $55k level for the first time since May of
this year. Today, the crypto surged up to as high as $55.9k before
dropping back down to the current price mark. If the supply shock
continues like this, then perhaps it will be beneficial for the
crypto’s value in the long term.

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