ETH and BTC supply shortages on crypto exchanges
According to viewbase.com we have the following supply changes in the exchange wallets for the last 30 days:
| Price | Supply delta [crypto] | Supply delta [Bn USD] | Supply delta as % of market cap | |
|---|---|---|---|---|
| BTC | 55687.98 | -44633 | -2.49 | -0.24% |
| ETH | 2310.55 | -1953120 | -4.51 | -1.70% |
Take-aways:
- Both BTC and ETH exchange outflows far exceed inflows.
- If you compare ETH to BTC supply shortage in percent of market cap (which is how you need to compare to gauge impact on price) you see that ETH supply shortage is 7 times that of BTC (-1.7% vs -0.24%).
Interpretation:
- The supply shortage likely is institutional buyers and new investors acquiring and storing crypto off exchanges for mid/long term holding, staking or DeFi usage (thanks, u/Bob-Rossi)
- The ETH outflows are very bullish (1.7% of market cap (!) left exchanges in the last 30 days)
- For BTC it's bullish, albeit on a significantly lower level (0.24% of market cap)
Looking forward to comments / improvement / additional insights!
Sources:
- Supply bitcoin: https://www.viewbase.com/coin/bitcoin
- Supply ethereum: https://www.viewbase.com/coin/ethereum
- Prices and market cap: https://coinmarketcap.com/
Limitations:
- Prices ideally should be volume weighted over the 30 days. I just picked the current price.
- All limitations of the viewbase.com supply calculations apply.
submitted by /u/deepsnowtrack
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