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Bitcoin buyers mean business as Coinbase reserves drop $8B in 3 months

Demand for Bitcoin remains solid and is fuelling a “supply shock” that shows no sign of abating, even at $50,000 and higher.
Bitcoin (BTC) may have shed $10,000 in a week but the cryptocurrency’s “supply crisis” is more real than ever.According to the latest data from on-chain monitoring resource Glassnode, exchange BTC reserves are at an all-time low.Everyone wants BTCIn a telling depiction of investor strategy, exchange reserves have plummeted in recent months — and have continued dropping despite mixed price action.Hodlers, it seems, want to hodl rather than trade or sell, even at all-time highs above $60,000.At Coinbase, the largest U.S. exchange by volume, BTC stocks have crashed by nearly $8 billion at current prices, or 150,000 BTC, since January.A favorite venue for largescale institutional buyers, Coinbase underscores persisting appetite for Bitcoin, Cointelegraph previously reporting on large tranches of BTC leaving its books for cold storage.Coinbase BTC balance chart. Source: Bybt”IMO what’s happening is US institutions and HNWI are scooping up the available coins from weak hands and locking it up as strong HODLers in response to monetary inflation,” statistician Willy Woo commented last week. “Coinbase BTC supply dropping off a cliff suggests US institutional buying there.”Woo added that these “strong” hands had been buying up the supply put on the market during every price correction over the past year, with “insanely bullish” results.Major exchange BTC balance chart. Source: GlassnodeGBTC faces unlocking at 14% discountFor asset manager Grayscale, however, conditions remained mixed as its signature Grayscale …
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