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Bitcoin price exceeds $125,000 amid BTC supply depletion
On October 5, Bitcoin’s price reached a new all-time high amid a sharp depletion of BTC reserves on centralized exchanges.
Over the past week, the cryptocurrency has risen by 15% as part of a powerful bullish trend. On Sunday, the coin’s price reached an unprecedented level of $125,736, and its market capitalization for the first time in history climbed to $2.5 trillion.
BTC price growth
The upward trend was accompanied by a decline in the number of Bitcoins held on trading platforms. Over the past 30 days, exchange clients have withdrawn nearly 170,000 BTC worth $21.3 billion at the current rate, and digital asset reserves on exchanges have fallen to a five-year low of about 2.84 million BTC — equivalent to $355.9 billion.
Change in the number of Bitcoins held on trading platforms
“I’ve heard exchanges are running out of Bitcoins. On Monday at 09:30, the BTC shortage may be officially recorded for the first time. Today [October 4], exchange staff called me. I told them we’re not selling [Bitcoins],” said Matthew Sigel, head of digital asset research at VanEck.
Given Sigel’s statement, it can be assumed that the upward trend in the BTC market will continue next week, and the virtual currency’s price will set a new record. It is quite likely that by the weekend, the price of the digital asset will rise to $130,000. In that case, Bitcoin will have gained 37.7% since the start of the year.
See also: "Bitcoin: decline after record high, driver — ETF"
