Bitcoin Reserves Could Vanish in Nine Months!

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

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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

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demand, with a daily inflow of about $500 million into spot Bitcoin ETFs, leading to an estimated 7,142 BTC being withdrawn from exchange reserves daily.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

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 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.

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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