As of November 23, Bitcoin has surged past $99,500, with a nearly 37.6% increase over the past month. After reaching this high, Bitcoin experienced some pullbacks, with price fluctuations of several thousand dollars prompting many short-term investors to liquidate their positions.
Although Bitcoin's price has retraced some, this does not mean the market has peaked. As the market often says, bull markets do not have a true top, and Bitcoin's upward momentum may still be far from over. The current market still has high leverage, which means Bitcoin's price will experience some extreme volatility, especially during liquidation events, when price swings may be even more pronounced. Only after excessive leverage and bubbles are removed can the price potentially continue to rise.
Additionally, with strong buying demand for Bitcoin spot ETFs, the selling pressure in the market has been effectively absorbed, with over 90% of the selling pressure being absorbed, providing strong support for Bitcoin. While some long-term holders have realized profits and sold some, many large holders and institutions still choose to hold their coins, even transferring Bitcoin to private wallets for storage. This means that the circulating supply of Bitcoin in the market will not see a significant increase in the short term and may take some time to gradually release.
From this perspective, the supply of Bitcoin in the market remains limited, and the potential for future increases still appears substantial.
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