Value of Bitcoin held on exchanges in $USD

data from cryptoquant

Observations:

1. $USD value of bitcoin held on exchanges has increased approximately +114% over the past year.
2. Since ETFs were approved $USD value on exchanges increased +48%
3. Quantity held on exchanges decreased by 11% over the past year
4. Quantity held on exchanges decreased by ~4% since ETFs were approved (-81K bitcoin)

ETFs have acquired a net of 216K bitcoin so far. That 216K has only decreased quantity on exchanges by 81K. Possibly retail is taking profits, possibly people transfering bitcoin holdings to ETFs, possibly ETFs getting filled some other way.

$USD value of bitcoin held on exchanges peaked at $180 B during the peak in November 2021. This trend of increasing $USD value held on exchanges goes against the supply crunch narrative (for now). At current prices the halving will decrease new supply by $31 M per day, or .023 % of exchange held supply per day.

Basically, the price is increasing faster than the quantity held on exchanges is decreasing, which has caused the $USD value of Bitcoin held on exchanges to rise.