Bitcoin Reserves Could Vanish in Nine Months!

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Here's what we've got for you today:

• Bitcoin Halving Predicted to Drain Exchange Supplies in Nine Months

• Solana Exchange Drift Confirms 100M Token Airdrop

• Binance US Appoints Former NY Fed Chair Amidst Regulatory Challenges

• Crypto Market ‘Underestimates the Long-Term Impact’ of Bitcoin Halving: Bitwise

🪙 Bitcoin Halving Predicted to Drain Exchange Supplies in Nine Months

Centralized exchanges are rapidly losing their Bitcoin reserves, which have fallen to a near three-year low of 1.94 million BTC.

• The upcoming "halving" event for Bitcoin will reduce its supply issuance by 50%, potentially increasing its scarcity and value due to reduced supply.

• U.S. Bitcoin ETFs are maintaining a steady demand, with a daily inflow of about $500 million into spot Bitcoin ETFs, leading to an estimated 7,142 BTC being withdrawn from exchange reserves daily.

• This rate of outflow could deplete Bitcoin reserves on crypto exchanges within nine months, potentially driving Bitcoin's prices to new highs as the market adapts to these tighter supply conditions.

💸 Solana Exchange Drift Confirms 100M Token Airdrop

Drift recently announced its plans to introduce its governance token and will also distribute 100 million tokens through an airdrop.

• The Drift Foundation will allow governance token holders to vote on future protocol decisions.

• According to an announcement on Apr. 16, 180,000 users will receive 10% of the total 1 billion DRIFT tokens, allocated based on their interactions with the platform since its 2021 launch.

• While a specific distribution date for the tokens has not been set just yet, Drift plans to announce the eligibility criteria soon.

🤝 Binance US Appoints Former NY Fed Chair Amidst Regulatory Challenges

Binance appointed former NY Fed Chief Martin Grant to the firm’s Board of Directors.

• Grant served at the NY Fed from 2005 to 2022, handling roles like Chief Compliance and Ethics Officer, where he dealt with various regulatory areas including anti-money laundering, sanction enforcement, and data privacy.

• Binance.US Interim CEO Norman Reed praised Grant as a top-tier compliance executive with extensive experience in compliance, conduct, and governance within government and financial sectors.

• After workforce reductions due to legal challenges, Binance.US believes that Grant's extensive regulatory expertise will help navigate and improve the company's legal standing.

⌛️ Crypto Market ‘Underestimates the Long-Term Impact’ of Bitcoin Halving: Bitwise

In the month following previous Bitcoin halvings, there was minimal price movement; however, major price increases were seen in the year that followed.

• After previous Bitcoin halvings, the crypto typically experienced a decline in value in the immediate month post-halving but saw huge triple-digit percentage gains over the following year.

• Historical data shows that after the 2012 Bitcoin halving, the price initially rose by only 9%, but then soared by 8,839% over the next year.

• Concerns about a potential short-term drop in BTC's price are shared by many industry experts, with Markus Thielen of 10x Research predicting a $5-billion miner sell-off after the upcoming halving.

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