Bitcoin demand hits 19.3K coins monthly as price nears $123,000
New Bitcoin buyers are accumulating the cryptocurrency faster than miners can supply, signalling strong demand that may influence future price movements.
Bitfinex analysts reported that groups holding less than 100 BTC—classified as Shrimp, Crab, and Fish—are increasing their holdings by about 19,300 BTC per month.
This rate exceeds the current monthly Bitcoin issuance of approximately 13,400 BTC following the April 2024 halving.
“Demand from this segment alone is more than enough to absorb all new supply.” the analysts noted.
They added that these buyers are “price-agnostic” and “relentlessly accumulating with limited intervals,” supporting a broader bullish narrative.
Bitcoin reached a new all-time high of $122,884 on Monday before retreating slightly to $119,860, according to CoinMarketCap data.
Despite this momentum, caution remains among some market observers.
“parabolic moves often invite sharp corrections,” Marcin Kazmierczak, co-founder of Redstone, warned, highlighting recent liquidations of nearly $430 million in Bitcoin shorts as the price surged past $121,000.
“warrants careful position sizing.” he advised investors to approach upcoming price milestones carefully, noting.
The Crypto Fear & Greed Index showed a “Greed” score of 74 on Monday, marking five consecutive days in this range.
Santiment analyst Brian Quinlivan pointed out that previous spikes in trader optimism were followed by price drops earlier this year.
Meanwhile, QCP Capital described Bitcoin’s rally as “relentless” with momentum accelerating past $122,000.
These developments suggest strong retail demand is driving Bitcoin accumulation, but volatility remains a factor for investors to consider.
At the time of reporting, Bitcoin price was $119,246.
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.
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