TechFlow news, on July 15, the latest Bitfinex Alpha report indicated that long-term holder supply of Bitcoin has stabilized at 14.8 million BTC from 16.2 million BTC in January, suggesting reduced selling pressure. Short-term holder supply has noticeably increased since January, stabilizing around 4.8 million BTC, primarily driven by new investors entering the market via ETFs and buying the dip during price corrections. The current price decline has placed over 2.8 million BTC held by short-term holders into unrealized net losses. Despite bearish trends and supply pressure from Mt. Gox creditors, the market may be approaching equilibrium.
The weekend's upward movement suggests a potential short-term recovery, although the market remains sensitive to news and external influences. Monitoring asset management by short-term holders and the market's reaction early this week is crucial for determining Bitcoin's near-term price direction. Additionally, Germany's Bitcoin sell-off appears to have ended, and the U.S. Securities and Exchange Commission (SEC) has concluded its investigations into Hiro Systems and Paxful. However, U.S. lawmakers' attempt to override President Biden's veto of the SEC staff Accounting Bulletin (SAB) 121 was unsuccessful. SAB 121 requires banks to list cryptocurrencies as liabilities, effectively prohibiting them from offering digital asset custody services.
