Price analysis 3/8: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LINK, LTC, BCH

Data from Glassnode shows that (BTC) held on centralized exchanges has dropped by about 20% in the past 12 months. This suggests that investors are withdrawing their Bitcoin to the cold storage with a view of possibly holding them for the long term. This has reduced the available supply while the demand has continued to increase.

The arrival of exchange-traded funds could increase the supply crunch further. After the success of the TSX Purpose Bitcoin exchange-traded fund, Canada could launch the second Bitcoin ETF by Galaxy Digital Capital Management, a subsidiary of Galaxy Digital. The approval of Bitcoin ETFs in Canada could place further pressure on U.S. regulators to be more accommodative in their approach of evaluating BTC ETF proposals.

Daily cryptocurrency market performance. Source: Coin360