PANews, July 11 - According to the latest report from Glassnode, on-chain analysis shows that market supply continues to tighten, volatility is compressing, and accumulation pressure is significant. The supply from long-term holders is steadily increasing, with small investors adding a net of 19,300 BTC per month, far exceeding the monthly new issuance of 13,400 BTC. Additionally, about 19% of the circulating supply is concentrated within a ±10% range of the spot price, indicating that the market is sensitive to short-term price fluctuations.
Regarding ETFs, the total assets under management of Bitcoin spot ETFs in the U.S. have reached a new high of $137 billion, accounting for 6.4% of Bitcoin's total market value. Among them, BlackRock's IBIT occupies a 55% market share, becoming a dominant force, with its cost basis closely aligned with market averages and active investor prices, further strengthening the ETF's impact on market sentiment and price discovery. The report notes that although ETF inflows have recently slowed slightly, the long-term trend remains strong, indicating robust institutional demand. The market is facing supply tightening and accumulation of volatility, which may lead to significant price fluctuations.
