Bitcoin Trapped Below $66k as New Demand Fails to Materialize
The Bitcoin market has been stuck in a range of $60k to $66k since June, with no clear signs of a breakout. Despite strong HODLer conviction, with the Bitcoin supply with long-term holders at record highs, new demand is yet to generate bullish momentum.
A key indicator of this is the apparent demand-to-issuance metric, which has been negative for five months now, reaching a low of -16 in July. This means that young coins are shrinking compared to issuance, rather than growing as would be expected in a bull market.
The net age flow of Bitcoin also shows that existing holders continue to accumulate, with 85.5k BTC moving from young coins into the over-one-year category. However, this accumulation is not yet translating into increased demand, and prices remain range-bound.