Cryptocurrencies
Bitcoin Bulls Point to Supply at Three-Year Low as Malaise Lingers
- It’s a way of saying HODLers more in control, says Ouellette
- Coin remains stuck in tight trading range since start of 2022
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Bitcoin, in what’s become its motto of late, is starting the week on a tepid note. But crypto fans are looking at a technical signal that’s potentially pointing to a new breakout.
The supply of Bitcoin in private wallets across exchanges has reached a three-year low, according to data compiled by Glassnode. Though it’s not necessarily the primary price catalyst right now, there’s logic to the idea that might mean the coin is ready to rally, said Stephane Ouellette, chief executive of FRNT Financial Inc.