Hello, my crypto people! How are we doing? We're ready to break down the Bitcoin play that has all the 'analysts' with their mouths wide open.
The folks at 21Shares, who know a lot about this, dropped a bombshell: it seems that the price of Bitcoin is more solid than your aunt's faith. The issue is not just the price rising, but the "structural imbalance" that is happening. In other words, there are more people wanting to buy than those wanting to sell, and that won't be fixed overnight.
The supply of Bitcoin on exchanges and in OTC markets is at historic lows. And what does that mean? That the band holding BTC doesn't want to let it go. Either they are holding it for the long term or moving it to cold wallets. On the other hand, demand is still skyrocketing. Miners are not producing enough BTC to satisfy the appetite of institutions and the new wealthy entering the game. And if you add to that the ETFs in the United States, which have already consumed more BTC than will be mined all year, things get even more interesting.
Although the price has risen to a new all-time high, there is a part of the play that many are not seeing: retail, the normal band, is not fully involved yet. Or at least, that is what Google searches are saying. The conclusion is simple: if retail joins the party, hold on tight because this is going to go further than the moon.
So you know, summer is not being a brake for BTC as it historically was. This is a new game and the rules are changing. We must stay alert to the Fed's next moves or any macro craziness, but for now, the direction is more than clear. Let's see what you all think, is this a mirage or is the real party just beginning?
