Exchange, OTC Bitcoin supply at all-time lows Men

Exchange, OTC Bitcoin supply at all-time lows

Mena said that the Bitcoin 

”On the supply side, the fundamentals remain even more skewed,” he said.

Bitcoin reached a new all-time high of $122,884 on Monday, and Bitfinex said that new buyers entering the Bitcoin market are seen as price-agnostic and are scooping up the cryptocurrency faster than miners can supply it.

Bitwise head of research André Dragosch pointed out on Friday that the lack of Google search interest for the term “Bitcoin” could indicate a lack of interest by retail investors.

“Bitcoin is at new all-time highs, but retail is almost nowhere to be found,” Dragosch said.

Bitcoin’s new high of $122,884 came just days after it broke its all-time high of $111,970 on July 9, before entering an uptrend that extended into the weekend. 

Bitcoin is trading at $117,804 at the time of publication, according to CoinMarketCap data.Mena said that in the first half of this year, “US-listed Bitcoin ETFs have already absorbed several multiples of the BTC that will be mined this year.”

“That doesn’t even include corporate treasury buyers, who continue to add quietly in the background,” he added.