Glassnode report: Bitcoin shows signs of supply tightening, small investors increase holdings by 19,300 coins per month, exceeding issuance

PANews reported on July 11 that according to the latest report from Glassnode, on-chain analysis shows that market supply continues to tighten, volatility is compressed, and accumulation pressure is significant. The supply of long-term holders continues to grow, with small investors adding a net 19,300 BTC per month, far exceeding the monthly new issuance of 13,400 BTC. In addition, about 19% of the circulating supply is concentrated within the spot price range of ±10%, indicating that the market is sensitive to short-term price fluctuations.

In terms of ETFs, the total assets under management of US Bitcoin spot ETFs reached a new high of US$137 billion, accounting for 6.4% of the total market value of Bitcoin. Among them, BlackRock's IBIT has a 55% market share, becoming a dominant force. Its cost benchmark is close to the market average and active investor prices, further strengthening the impact of ETFs on market psychology and price discovery. The report pointed out that although ETF inflows have slowed slightly recently, the long-term trend remains strong, indicating that institutional demand is robust. The market is facing supply tightening and volatility accumulation, and may usher in significant price fluctuations.