By Jakub Lazurek

08 Mar 2024 (4 months ago)

3 min read


Bitcoin soars past $70K, shattering records amid a buying frenzy and looming halving event

In a stunning display of market strength, Bitcoin has shattered its all-time high, soaring past the $70,000 mark. This remarkable rally has not only captivated the cryptocurrency community but has also drawn the attention of mainstream media and financial analysts worldwide. As we delve deeper into the factors propelling this unprecedented surge, several key elements emerge, painting a complex picture of scarcity, investment, and anticipation.

OTC Desks Running Dry

Rumors have been circulating that Over-the-Counter (OTC) trading desks are experiencing a scarcity of Bitcoin, a situation that has been confirmed by data from OTC desks are pivotal for large-volume traders and institutional investors, offering a pathway to trade significant amounts of Bitcoin without directly impacting market prices. This scarcity is a telling sign of the increasing demand for Bitcoin, possibly indicating that large investors are bullish on the future of this digital asset.

Declining Bitcoin Reserves on Exchanges

Further compounding the narrative of scarcity is the noticeable decline in Bitcoin reserves held on exchanges. Current figures place the total number of Bitcoins held on exchanges at around 2 million, a reduction that suggests a growing preference among investors to hold their assets in private wallets or other secure storage solutions. This trend is often interpreted as a sign of long-term confidence in Bitcoin, as investors seem less inclined to sell, reducing the pressure on the market.

ETFs Amplify Buying Pressure

Adding to the buying frenzy are Bitcoin Exchange-Traded Funds (ETFs), which are reportedly purchasing an average of 4,000 Bitcoins daily. This sustained buying pressure from institutional investors through ETFs is a significant factor contributing to Bitcoin's price surge. ETFs offer a regulated and accessible means for a broader range of investors to gain exposure to Bitcoin, further integrating the cryptocurrency into traditional financial systems.

The Anticipated Bitcoin Halving

The excitement surrounding Bitcoin is further fueled by the anticipation of the upcoming Bitcoin Halving, slated to occur in just 41 days. Halvings are pre-scheduled events that reduce the reward for mining new blocks by half, effectively limiting the new supply of Bitcoin. Historically, halvings have led to substantial price rallies, as the decreased supply, coupled with steady or increasing demand, tends to drive up the price. Investors are positioning themselves ahead of this event, expecting it to act as a catalyst for further price appreciation.

Unprecedented Interest Levels

The fervor surrounding Bitcoin is mirrored in the digital realm, with Google Trends data indicating that interest in Bitcoin has reached an all-time high. This surge in interest is not just limited to investors; it encompasses a broad spectrum of the population, including those new to cryptocurrency, seeking to understand and possibly participate in this financial phenomenon.


As Bitcoin continues its meteoric rise, surpassing $70,000, the market dynamics of scarcity, institutional investment, and the anticipatory buildup to the Bitcoin Halving are creating a perfect storm for further price appreciation. With OTC desks running dry, declining reserves on exchanges, and substantial daily acquisitions by ETFs, the market is in a state of heightened demand. Coupled with the all-time high level of interest in Bitcoin, these factors suggest that the current rally may have the legs to continue. As the cryptocurrency landscape evolves, all eyes will remain fixed on Bitcoin as it charts its unprecedented journey through uncharted financial waters.

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