#Bitcoin’s short-term holder supply has decreased significantly throughout 2024. The first chart shows a significant drop from 3.3 million BTC in April to below 2.8 million BTC by the end of August. The chart shows that Bitcoin’s price has remained relatively stable with only minor fluctuations as the supply held by short-term holders has decreased.

#Bitcoin’s short-term holder supply has decreased significantly throughout 2024. The first chart shows a significant drop from 3.3 million BTC in April to below 2.8 million BTC by the end of August. The chart shows that Bitcoin’s price has remained relatively stable with only minor fluctuations as the supply held by short-term holders has decreased.

Providing a historical perspective, the second chart highlights that this level of short-term holder supply is approaching levels last seen in the 2019 and 2020 bear markets. This historical context may suggest that the current decline may be an early indicator of a market consolidation phase, especially considering similar patterns observed in previous cycles. Bitcoin’s decreasing price elasticity of short-term supply suggests potential accumulation by long-term holders.