A Look Back At July’s Bitcoin Market

The below is an excerpt from the monthly recap by the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Supply Reaccumulation

The overarching trend in Bitcoin since the start of 2020, but more broadly, over the course of Bitcoin’s history, has been an increasing amount of the network’s verifiably scarce supply becoming illiquid.

The hoarding of supply, or as bitcoiners call it, “hodling,” creates a virtuous cycle of adoption, as an ever growing number of proponents/adopters are competing to acquire an ever shrinking free float of supply, which in turn attracts more curious individuals to learn about bitcoin and the attributes which make it objectively the best monetary asset humanity has ever seen.

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