On July 11, CoinWorld reported that 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 held by long-term holders continues to grow, with small investors net adding 19,300 BTC per month, far exceeding the new issuance of 13,400 BTC per month. Additionally, about 19% of the 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 the US Bitcoin spot ETFs have reached a record high of $137 billion, accounting for 6.4% of the total Bitcoin market capitalization. Among them, BlackRock's IBIT holds a 55% market share, becoming a dominant force, with its cost basis close to the market average and active investor prices, further strengthening the ETF's impact on market psychology 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. The market faces tightening supply and accumulating volatility, which may lead to significant price fluctuations.

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