The available supply of bitcoins has decreased to about 3.12 million BTC. This is the lowest figure in the last six years since 2018.
At the same time, over the past 30 days, large investors have accumulated about 373,700 BTC. The growth of purchases during recessions shows that the market is still in the accumulation phase. Many "whales" are still preparing for a potential breakthrough later this year.
According to CryptoQuant, the liquidity ratio of the reserves decreased to 8.3 months. This suggests that at the current rate of purchases, the current liquidity will last for less than nine months. This structure often precedes significant growth when shortages begin to be felt.
Analysts suggest that the combination of reduced liquidity and growing long-term demand is shaping a bullish trend for the rest of the year. If such accumulation continues and the influx of funds into American BTC-ETFs increases, then in the fourth quarter the flagship crypto asset may overcome the $115,000 mark. The price of bitcoin has fallen by more than 3% over the past 30 days. This is more than 12% lower than the all-time high of $126,000 recorded on October 7, 2025.