Bitcoin's available supply has reached a new historical low, indicating an accumulation pattern, according to data from Glassnode.
Bitcoin's available supply has reached a new historical low, indicating an accumulation pattern, according to data from Glassnode. The report suggests that Bitcoin's illiquid supply and long-term holders are on the rise, resulting in a tightening supply and increased bullish sentiment.
According to Glassnode's data, smaller, long-term holding entities are actively purchasing the available BTC supply, accounting for 92% of newly produced Bitcoin. The accumulating pattern is visible across investor cohorts, with long-term holdings outperforming short-term holders. This limiting of supply is helping Bitcoin keep its price over $34,000, giving strong support above $30,000.
The growing trust in Bitcoin is not limited to smaller entities; practically all investors have increased their Bitcoin holdings this year. This pattern displays an optimistic market attitude and points to a long-term bullish outlook.
Another positive indicator is the accumulation of illiquid Bitcoin, which has a limited quantity. Monthly inflows into the illiquid Bitcoin supply continue, with a net gain of 71,000 BTC per month.
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