Bitcoin has surged to an unprecedented all-time high of $122,884, propelled by robust market fundamentals and a significant tightening of available supply.
Market analysts point to historically low Bitcoin reserves held on centralized exchanges and over-the-counter (OTC) desks as a key indicator of structural scarcity. This reduction in readily available coins is seen as a major factor underpinning the price surge.
Despite the bullish momentum, cautionary signals are emerging. Matt Mena, a crypto research strategist at 21Shares, suggests the current market dynamics indicate a heightened likelihood of a near-term bearish reversal.
Further supporting the constrained supply narrative, miner selling pressure remains notably subdued. Data from Bitfinex indicates miners have limited capacity or willingness to offload significant Bitcoin holdings at current levels.
Contrasting the price action, retail investor interest appears muted. Google search trends for the term ‘Bitcoin’ have stagnated, failing to show the surge typically associated with major price rallies driven by widespread public participation.