BackAre Whales Preparing for the Bull Market? Bitcoin Supply Shock and How Caged Beasts Could Thrive
While whales might be preparing for the next bull run, new project Caged Beasts launches onto the scene to revolutionize finance
PremiumThe supply of Bitcoin across CEXs has dropped to its lowest level since 2017. On Monday, 22nd May, Bitcoin (BTC) fell 1.3% to $26,779 after its price mostly consolidated over the last month. According to Coingecko, its value has reduced by just 2% while, over the last year, there’s been a 14.87% decrease in Bitcoin held on CEXs. Meanwhile, Ethereum (ETH) was down 0.8% to $1,806 on Monday. So, what does all this data mean for the crypto world? Should investors be concerned or happy about Bitcoin’s supply shock?
Delving into the Bitcoin Supply Shock
In May 2022, CEXs held around 2.22M Bitcoin (BTC); however, this has since dropped to 1.89M. Comparatively, Ethereum (ETH) had fallen to the same level seen in 2015, when the cryptocurrency first launched. This data suggests that investors are moving their funds into private crypto wallets, moving away from cryptocurrency exchanges in preference of private ownership. This move implies that crypto holders are starting to lean towards self-custody of their investments.
In the short term, this changeover could result in a price rise if the demand for either Bitcoin (BTC) or Ethereum (ETH) increases, as there’s less liquidity supply on the exchanges. However, as with anything in the wonderful world of crypto - nothing is guaranteed.
Is a Bull Run on the Horizon?
Whales in the crypto scene impact the trends and sentiments of the time, and if they’re moving their crypto off exchanges and into self-custody, could they be preparing for a bull run? The next bull run has been looming for months, with the whole industry holding its breath in anticipation. If the crypto whales are opting for private ownership, are they anticipating a bull run soon?
Caged Beasts Step onto the Scene
With a potential bull run ready to take off, now is the ideal time to launch an exciting new crypto project. This is where Caged Beasts (BEASTS) steps in, an innovative, creative new coin taking the meme coin scene by storm. Caged Beasts (BEASTS) is a metaphor for Caged Liquidity. Standing this coin out from the crowd is that 75% of all funds are locked up tight, just like the ‘caged’ beasts in the project.
This new coin has a financial revolution at its core, wanting to tear up traditional banking and begin again. Caged Beasts (BEASTS) is all about breaking free of our current financial ‘cage’ and embracing decentralized finance instead. To rally together and achieve this goal, Caged Beasts (BEASTS) is a community token encouraging community events, engagement, competitions, and bonuses. Just like any revolution, with Caged Beasts, the community comes first.
Caged Beasts (BEASTS) has an exciting future ahead with NFTs, social stunts, and charity donations to animal cruelty prevention charities up its sleeve. This project has huge potential, launching its presale at an exciting time in the crypto world. While bull run anticipation hangs in the air, is it time for a revolutionary new project to shake things up?
Caged Beasts
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS
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