PANews reported on July 11 that according to the latest Glassnode report, 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 net adding 19,300 BTC per month, far exceeding the monthly new issuance of 13,400 BTC. Additionally, about 19% of circulating supply is concentrated within ±10% of the spot price, indicating that the market is sensitive to short-term price fluctuations.
Regarding ETFs, the total assets under management of US Bitcoin spot ETFs have reached a new high of $137 billion, accounting for 6.4% of Bitcoin's total market value. Among them, BlackRock's IBIT occupies 55% of the market share, becoming the dominant force, with its cost basis close to the market average and active investor prices, further strengthening the ETF's impact on market sentiment and price discovery. The report points out that although ETF inflows have slightly slowed recently, the long-term trend remains strong, indicating robust institutional demand. With the market facing supply tightening and volatility accumulation, significant price fluctuations may be imminent.
