On September 18, Glassnode, a crypto market data research organization, published an article stating that the Bitcoin market is currently experiencing a period of stagnation, with both supply and demand showing signs of inactivity. In the past two months, the actual market value of Bitcoin has peaked and stabilized at $622 billion. This shows that most tokens being traded are close to their original acquisition price. Since the all-time high in March, absolute realized gains and losses have fallen significantly, which means that overall buyer pressure has eased in the current price range.
Currently, the wealth held by addresses that have held coins for less than a week has dropped to low liquidity areas, accounting for only 4.7% of the total network wealth. This highlights the continued tightening of the supply side, as the vast majority of tokens are older than a week. One observation is that there is widespread HODL behavior among market participants, resulting in a rapid increase in "stock supply". This indicates an overall tightening of the supply side as the number of tokens available for active trading continues to decrease.
