Bitcoin Supply/Demand Dynamics Re-examined - CHAINLETTER 37

The crypto market feels nervous and unloved, but this is the consequence of an overshoot at the start of the year. It’s classic that attention is wandering just as it gets interesting.

SUMMARY

We continue to argue that this is a good time to accumulate. This rests on three pillars:

1. Much larger supply has hit the market this year than investors anticipated, all of which has been mopped up in an elevated price range. That level of supply is unlikely to last in a post-halving environment.

2. We are entering an era of inflation volatility. Al…