Checkmatey, an analyst at on-chain data analysis company Glassnode, released a report saying that the demand for spot Bitcoin (BTC) remains strong. Bitcoin spot supply accounts for 23.8% of the total circulating supply, a record low. The ratio of futures leverage to market value remains sideways, indicating that spot demand is still dominant. Compared with 2019-2021, the current Bitcoin market is more similar to the market conditions in 2016.
