The crypto market as a whole is still very young and the traditional equity investors are still trying to figure out how to value it as an asset class.
Tightening supply on exchanges will make more price volatility in the short term, not less. This effect is temporary however, if you assume that institutional adoption will continue its upward trajectory. That is what will bring a smoothing effect to BTC in the long term, particularly once we have things like Bitcoin ETFs.
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