According to the latest report from Bitfinex, as Bitcoin recently set a new all-time high of over $104,000, the market continues to maintain strong momentum. While a deeper correction may still occur in the first quarter of 2025, the widespread tightening of supply and bullish sentiment among miners suggest that Bitcoin is expected to rise further in the medium term. The liquidity stock ratio (used to track how long the existing supply can meet demand) has dropped from 41 months in October to just 6.6 months, indicating that the available Bitcoin liquidity is tightening rapidly, particularly evident during the strong rebounds in the first and fourth quarters of 2024.
Bitcoin miners are historically significant sellers during halving periods, but since April 2024, they have also slowed the flow of BTC to exchanges. As miners operate without realizing substantial profits and hold onto BTC instead of selling, the flow of miners to exchanges is at its lowest level in years. The overall selling pressure from miners, long-term holders, and other groups has significantly eased, and the reduction in supply entering the market has mitigated the impact of recent adjustments.

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