According to TechFlow, on July 15, Bitfinex Alpha's latest report pointed out that the supply of long-term Bitcoin holders has stabilized at 14.8 million BTC from 16.2 million BTC in January, indicating that selling pressure has eased. The supply of short-term holders has increased significantly since January and stabilized at around 4.8 million BTC, mainly due to new investors entering the market through ETFs and buying on dips when prices fall back. The current price drop has left short-term holders of more than 2.8 million Bitcoins facing unrealized net losses, and despite the bearish trend and supply pressure from Mt. Gox creditors, the market may be close to a balance point.
The weekend's upward move suggests a possible recovery in the short term, but the market remains sensitive to news and external influences. Monitoring the asset management of short-term holders and the market's reaction at the beginning of this week will be critical to determining the short-term direction of Bitcoin prices. In addition, the German sell-off of Bitcoin appears to have ended, and the U.S. Securities and Exchange Commission (SEC) also closed its investigations into Hiro Systems and Paxful. However, U.S. lawmakers failed in their attempt to overturn President Biden's veto of SEC Staff Accounting Bulletin (SAB) 121. SAB 121 requires banks to list cryptocurrencies as liabilities, effectively prohibiting them from providing digital asset custody services.
