Bitcoin (BTC), the world’s oldest and largest crypto, has caught massive attention lately owing to extreme volatility. The Bitcoin price has been swinging between the $60,000 and $67,000 levels after touching the all-time high of $73,750. Moreover, Bitcoin is being drained out of the exchanges as its exchange supply has hit an all-time low.
Bitcoin Exchange Supply Touches All-Time Low
According to Coinglass, the Bitcoin exchange supply slumped to a low of $1.79 billion on Friday, March 23. Furthermore, the Coinbase Pro exchange served as the prime contributor to the BTC drain from crypto exchanges. On Friday, over 14,800 BTC were withdrawn from Coinbase Pro.
In addition, the last 30 days witnessed a drain of nearly 58,000 BTC from Coinbase Pro. Furthermore, the Bitcoin drain led to a major rebound in the BTC price recently as its scarcity escalated owing to the supply shock. Hence, the Bitcoin price sustained the $67,000 level, recovering from the low of $60,000.
On the other hand, t
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