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Ethereum
just broke out of a month-long range. Cost Basis Distribution shows 1.3M $ETH held around $2.70K and $2.74K, and 800K #ETH at $2.76K. These investors accumulated during consolidation and now will potentially form a strong support zone.
#ETH
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Looking at accumulation by wallet size: Shrimps, Crabs, and Fish - wallets with <100 $BTC - are accumulating ~19.3k BTC/month, while miner issuance stands at 13.4k BTC/month. Persistent net absorption across a wide base of holders is creating measurable supply-side tightening.
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“#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.
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While $BTC has made a new ATH above $118K, 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.
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Here are a few quotes from #Bitcoin Market Pulse over the past two weeks you shouldn’t have missed - each one pointed to growing momentum before $BTC broke to a new ATH.
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Last night, $BTC made another ATH - this time above $118K. Hours earlier, our Week On-Chain report flagged tightening supply, compressed volatility, and a coiled market. If you want to stay ahead of moves like this - start here: https://glassno.de/464rb5C
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