Recently the crypto exchange Bitfinex released its 64th weekly Bitfinex Alpha report.
The report analyzes both crypto and traditional markets, and comes to the conclusion that the current situation suggests that Bitcoin markets appear to be increasingly bullish.
The report was written before yesterday’s drop, but the fact that Bitcoin’s price still did not fall below $29,000 does not call into question its conclusions.
The reasons for the positive sentiment from crypto exchanges
The main reason why Bitcoin markets seem to be increasingly bullish is the continued reduction in the supply of BTC on crypto exchanges.
In particular, it has returned to early 2018 levels, with balances down about 32%, and with only 11% of the total circulating supply present on exchanges to date.
Given that BTC is generally sold on exchanges, the fact that there are so few of them means that many of those who own Bitcoin right now prefer to keep them on non-custodial wallets because they do not fin
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