Many observers fixate on abstract liquidity proxies like money supply, or on the obvious flows from Bitcoin ETFs and MicroStrategy’s regular purchase announcements. These constant buy-side headlines fuel the bullish narrative. But the proper driver of price lies in the balance between buyers and sellers—and after 16 years, there is no shortage of long-term holders willing to sell at current levels.
The key question, as the data reveals, is whether accumulation momentum is strong enough to outpace this steady distribution.
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