BTC Scarcity Returns: Key Shift Seen on Binance

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Although a sudden spike in the scarcity index is considered significant, what happens in the days that follow is more critical.

Bitcoin (BTC) remains in a consolidation phase, but its supply appears to be shrinking. This is evident in the scarcity index on the crypto exchange Binance, which spiked a few days ago.

Data from CryptoQuant revealed that such an increase in the scarcity index has not happened since June. Analyzing the implications of such development can offer valuable insights into the market’s potential behavior in the coming days.

Bitcoin Scarcity Index Suddenly Spikes
A sudden uptick in the scarcity index usually indicates that investors have withdrawn a large amount of BTC from Binance. Alternatively, sell orders may have dropped significantly, reducing the available supply. CryptoQuant attributed such moves to the entry of large investors, such as institutions or whales, who are known to purchase BTC in large quantities.

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