Bitcoin Withdrawals Soar as US Spot ETFs Spark Historic Supply Squeeze

Since the launch of the United States spot exchange-traded funds (ETFs) for Bitcoin, the cryptocurrency market has seen a significant shift in Bitcoin holdings on exchanges. Over $9.5 billion in Bitcoin has been withdrawn from exchanges, as reported by Glassnode, an on-chain analytics firm. This withdrawal trend started on January 11 and has led to a reduction of over 136,000 BTC from exchange balances. The dynamics of Bitcoin supply are increasingly favoring bulls with continued mass withdrawals observed this quarter. The volume of Bitcoin on exchanges has dipped to its lowest since April 2018, with only 2,320,458 BTC remaining, indicating