Bitcoin Supply Distribution Begins But Sustained Bull Market to Continue: Analysis

On March 7, crypto analyst Dylan LeClair posted a lengthy report on the current state of the Bitcoin market.

“Supply distribution has started,” he said, highlighting how Bitcoin holders have started to sell as new market entrants emerge, namely exchange-traded funds.

However, there was no reason to be concerned because the ETFs are seeing massive demand and are hoovering up more coins every day.

“A clear takeaway should be just how strong distribution can become during a raging bull market while price is still going parabolic.”

Bitcoin Rally to Continue

ETF demand has “surpassed most all initial expectations, with increasing strength into the rally,” he said.

Moreover, the nine new funds continue to break records in terms of inflows and daily trading volumes almost two months after they launched.

On March 5, BlackRock’s IBIT fund saw a record $788 million in inflows on the same day that Bitcoin prices reached a new all-time high.

Moreover, BlackRock and Fidelity alone have bought 284,000 BTC since launch, which is greater than 1% of the total Bitcoin supply.

General $BTC market outlook update:

Supply distribution has started. Here’s what I’m looking at and how it compares to previous cycles, and what might come next:

First off, the biggest story is obviously the ETFs. $IBIT has been the most succesful ETF launch in history by a… pic.twitter.com/fFspyrwgsn

— Dylan LeClair Read More