Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Jeremie Davinci, an early Bitcoin adopter and YouTuber, has published a tweet that gained traction quickly with the crypto community.
Davinci has shared a CryptoQuant chart showing a drastic decline in the Bitcoin supply held on various cryptocurrency exchanges. He believes that soon it will be quite hard to buy any BTC at all.
"Supply shock is brewing"
Davinci published a chart and a message to the community, saying that there is “no Bitcoin left on exchanges.” The billionaire added that crypto miners are not selling BTC now, therefore, he concluded: “A supply shock is brewing.”
However, the chart shows that the complete absence of Bitcoin on trading platforms in not exactly right. It shows a sharp decline of the Bitcoin supply on exchanges to roughly 2.4 million BTC. One of Davinci’s followers pointed this out in the comments.
First Bitcoin supply shock predicted in January 2024
The first to begin predicting Bitcoin supply and demand shocks coming was the CEO of JAN3, Samson Mow. He made that prediction in January 2024 when the SEC, under Gary Gensler’s rule, approved launch spot Bitcoin exchange-traded funds (ETFs). Once launched, the ETFs with BlackRock’s IBIT as a leader started accumulating BTC, buying per day more than Bitcoin miners produced.
Mow predicted that with the ETFs accumulating Bitcoin at a fast pace and other financial institutions joining them in that race, there would soon be a) a Bitcoin demand shock, b) a Bitcoin supply shock since the fourth BTC halving was due on April 20 and c) these two Bitcoin shocks would clash, propelling the Bitcoin price up to $1,000,000 in one or several Omega candles.
BlackRock ETF welcomes inflows for 20 consecutive days
BlackRock’s inflow streak has now reached 20 days in succession, as was pointed out on the X app earlier today by ETF Store President Nate Geraci.
He pointed out that over these past 20 days, the ETF has raked in a whopping $5 billion in investments. Thus, Geraci has shattered the “no Bitcoin demand” narrative recently voiced by several analysts, including Bitcoin critic Peter Schiff.
Vladislav Sopov
Dan Burgin