Prominent crypto analytics firm Glassnode says demand for Bitcoin (BTC) is massively outpacing new supply issued by miners.
Glassnode says on the social media platform X that wallets owned by entities holding less than 100 Bitcoin are rapidly snapping up the crypto king at a rate of $2.359 billion BTC per month.
In contrast, new Bitcoin supply entering the market from miners comes in at a rate of about $1.638 billion in BTC per month.
“Looking at accumulation by wallet size: shrimps, crabs, and fish – wallets with <100 BTC – are accumulating ~19,300 BTC/month, while miner issuance stands at 13,400 BTC/month.
Persistent net absorption across a wide base of holders is creating measurable supply-side tightening.”
Glassnode adds that long-term holders, or entities that have held their coins for at least 155 days, are also gobbling up Bitcoin at a rate that’s “significantly larger than monthly issuance.”
“’BTC balance on exchanges dropping = supply shock’ is a meme. But that doesn’t mean there aren’t supply constraints. Long-term holders are absorbing more BTC than miners issue. That’s where pressure builds.”
The analytics firm also says that despite new all-time high prices for Bitcoin, the BTC bull market is still going strong based on the long-term holder net unrealized profit and loss (NUPL).
Glassnode data shows that the long-term NUPL, an on-chain metric that tracks whether long-term holders are in profit or loss, remains below historical peak levels. The data suggests that investors who bought at least six months ago are still holding and have not yet begun aggressively taking profits.
“While BTC has made a new ATH (all-time high) above $118000. Long-Term Holder Net Unrealized Profit and Loss (NUPL) remains below the euphoria zone, currently at 0.69. This cycle has seen just ~30 days above the 0.75 threshold, compared to 228 days in the previous cycle.”
At time of writing, Bitcoin is trading for $122,250.
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