Bitcoin has reached a new all-time high of over $111,000 amidst institutional inflows, long-term holder accumulation, and reduced exchange balances.
Increased withdrawals of BTC to cold storage suggest a shift towards long-term holding behavior rather than short-term speculation.
Long-term holders continue to accumulate BTC, with over 70% of total supply not moving in the last 6 months, signaling high conviction.
The supply shock narrative is evolving, with market structure changes like ETF custodianship and institutional wallet consolidation contributing to a modern version of scarcity in the market.