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Bitcoin Supply Shock? On-Chain Data Tells Different Story
A recent tweet from the on-chain analytics platform Glassnode has sparked debate among cryptocurrency enthusiasts and market analysts alike, as it suggests that there may not be a supply shock in the Bitcoin (BTC) market. According to Glassnode, long-term holders are absorbing more BTC than miners issue, which creates pressure.
The notion of a supply shock is based on the idea that a drop in exchange balances automatically indicates a supply shortage, leading to increased demand and ultimately higher prices. However, as per the data provided by Glassnode, this perspective oversimplifies the situation.
While it is true that Bitcoin’s percentage supply on exchanges has fallen below 15% for the first time since 2018, the same data reveals that long-term holders are absorbing more BTC than miners issue.
Source: u.today
