Bitfinex Analyst: Bitcoin supply has dropped to lowest level in 18 months for long-term investors
Golden Finance reported that Bitfinex analysts said that the supply of Bitcoin on the exchange for long-term investors has dropped to the lowest level in 18 months. Combined with supply constraints from the upcoming halving, this dynamic could lead to further price increases, the analysts added. Bitcoin holders are currently behaving exactly as they did before the Bitcoin market surged in December 2020. “This pattern suggests we may be entering a similar phase of growth,” the analyst added. In July 2021, Bitcoin trading reserves hovered near the 2.8 million mark, but have now fallen to around 1.94 million, suggesting that Bitcoin has declined by approximately 862,000 since CryptoQuant began recording this metric.
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According to the EIA, for the week ending September 11, U.S. commercial crude oil inventories decreased by 640,000 barrels, which was less than the market expectation of 1.4 million barrels. Strategic Petroleum Reserve inventories fell by 403,000 barrels. Gasoline inventories increased by 794,000 barrels, while the market had expected a decrease of 800,000 barrels. Distillate fuel inventories rose by 1.6 million barrels, with the market expecting no change. Imports of Venezuelan crude oil reached nearly 800,000 barrels, the highest level since 2017.
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