📉 **Bitcoin Market Update: Demand Declines, Supply Tightens**

The Bitcoin market has seen a notable decline in demand since its all-time high (ATH) of $73k in March 2024. Daily new capital inflows have dropped to $0.73B, significantly lower than the $2.97B peak. Despite this, the supply side is also tightening, with a rise in 'stored supply' measures indicating a preference for HODLing among existing holders.

🔍 **On-Chain Insights**

- **Realized Profit Spike**: An internal transfer by the WBTC cluster caused a significant spike in realized profit on October 8th.

- **Supply Metrics**: Active supply measures have halved since March, highlighting reduced investor speculation and attention.

- **Liveliness Metric**: Shows a preference for HODLing, further constricting available supply.

This equilibrium between declining demand and tightening supply could signal heightened volatility ahead.