On September 18, COINOTAG reported that Glassnode, a prominent crypto market data research firm, unveiled insights regarding the current state of the Bitcoin market. They noted a period of stagnation in both supply and demand. Over the last two months, Bitcoin’s market capitalization has plateaued at $622 billion. This suggests that many tokens being exchanged are near their initial acquisition cost. Following the peak in March, realized gains and losses have markedly declined, signifying reduced buying pressure within the present price boundaries.
Additionally, addresses with coins held for less than a week now hold only 4.7% of the network’s total wealth, indicating low liquidity in this segment. The bulk of tokens are held for periods longer than a week, emphasizing a contracting supply side. The prevalent HODL strategy among investors has led to an increased “storage supply,” indicating fewer tokens are available for active trading and further tightening of the supply dynamics.