ChainCatcher news, according to the latest report from Bitfinex, as Bitcoin recently hit a record high of more than $104,000, the market continues to maintain strong momentum. Although a deeper correction is still possible in the first quarter of 2025, the general tightening of supply and the bullish sentiment of miners indicate that Bitcoin is expected to rise further in the medium term. The liquidity inventory ratio (used to track the time that existing supply can meet demand) has fallen from 41 months in October to only 6.6 months, indicating that available Bitcoin liquidity is tightening rapidly, which is particularly evident during the strong rebound in the first and fourth quarters of 2024.
Bitcoin miners are historically significant sellers during halvings, but they have also slowed the flow of BTC to exchanges since April 2024. As miners operate without realizing high profits and hold BTC rather than sell, miner-to-exchange flows are at their lowest levels in years. The overall selling pressure from miners, long-term holders, and other groups has eased significantly, and the reduction in supply entering the market has mitigated the impact of the recent correction.
