River: Bitcoin's 40% rally driven by scarce supply, not new demand
- —Bitcoin is up nearly 40% from its June low, gaining over 8% in a week
- —81% of all BTC has not moved in at least six months
- —Exchange trading volumes are 30% below the start of the year
- —US ETFs bought about 18,000 BTC this month, below their average
Why it matters: If the rally rests on scarce supply rather than demand, its durability hinges on when buyers return.
Source: Crypto Insiders