Markus Thielen, founder of 10X Research, explained the factor that will create a new wave of rise in Bitcoin price.
Markus Thielen recently attracted attention with his Bitcoin statement. Over-the-counter (OTC) Thielen stated that the amount of Bitcoin in their balances has decreased significantly, especially Institutions issuing spot Bitcoin ETF He said he may have to buy Bitcoin from stock exchanges.
Currently, the number of Bitcoins on exchanges is near all-time low and that the supply-demand balance is changing as corporates turn to these Bitcoins. may lead to serious increases defended.
According to Thielen’s statement, the amount of Bitcoin used in OTC trading While decreasing from 10 thousand to 2 thousand whales eyes The last remaining Bitcoins on exchanges he sewed:
Over-the-counter (OTC) trading deals with large institutional clients, and balances fell from around 10,000 Bitcoins to less than 2,000 in Q2 2023, according to total inventory data. This suggests that institutions such as Bitcoin ETF issuers will have to purchase Bitcoin directly from exchanges through market makers. The supply/demand imbalance is 1:10 (daily mining and daily ETF demand)
The analyst believes that this increased demand and supply shortage will push the Bitcoin price higher this week. your all time highHe noted that he could raise it to e.