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Bitcoin Supply Shock? On-Chain Data Tells Different Story
The notion of a falling exchange balance automatically indicating a supply shock has been disputed by the on-chain analytics platform Glassnode. In a recent tweet, they emphasized that the idea is simply a “meme.”
According to reports, Bitcoin’s percent supply on exchanges dropped below 15% for the first time since 2018, leading some analysts to believe that this decrease in exchange balances would result in a supply shock. However, according to Glassnode, this interpretation oversimplifies the situation.
Glassnode’s analysis highlights that long-term holders are absorbing more Bitcoin than miners issue. This indicates that pressure builds up elsewhere.
Source: u.today
