Grayscale Analyst: There’s Not Enough Bitcoin to Meet All the New Demand, Supply and Demand Dynamics Are Pushing Prices Higher

Bitget App

Trade smarter

Cointime2024/03/01 03:41

By:Cointime

According to three analysts working for cryptocurrency fund management companies, as reported by Jinse Finance, since early February, Bitcoin ETF products listed in the United States have been purchasing an average of 3,500 to 4,300 cryptocurrencies per day, far exceeding the 900 cryptocurrencies created by the Bitcoin network each day during the same period. Zach Pandl, research director of Grayscale Investments, said that there simply isn't enough Bitcoin to meet all the new demand, so the natural supply and demand dynamic is pushing prices higher. And because the (supply) "halving" is planned to take place in two months, there may be more supply problems. After the halving, the daily supply of new coins will be reduced from 900 to 450 coins.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14