The specific trend found in the index library validates @Phyrex_Ni's viewpoint on the exchange BTC supply, which is quite interesting:
1. During this round, the highest exchange BTC supply was in August 2024, which came after the peak of the previous round at 69000 in April 2024, followed by a 6-month consolidation period, during which some traders could not hold back and prepared to sell;
2. Then, in October 2024, Trump was elected, and BTC entered the first wave of a major rise, also entering a different logic than before: the higher the BTC price, the fewer people sell, and of course, retail investors are not buying much either.
I feel that BTC will increasingly enter this state: the price continues to rise steadily, but the amount available for trading in the market is decreasing, mainly institutions like ETFs are buying, which is different from the previous two rounds where high prices led to selling, waiting for a cycle downturn to buy back.
1. During this round, the highest exchange BTC supply was in August 2024, which came after the peak of the previous round at 69000 in April 2024, followed by a 6-month consolidation period, during which some traders could not hold back and prepared to sell;
2. Then, in October 2024, Trump was elected, and BTC entered the first wave of a major rise, also entering a different logic than before: the higher the BTC price, the fewer people sell, and of course, retail investors are not buying much either.
I feel that BTC will increasingly enter this state: the price continues to rise steadily, but the amount available for trading in the market is decreasing, mainly institutions like ETFs are buying, which is different from the previous two rounds where high prices led to selling, waiting for a cycle downturn to buy back.
