Understanding Bitcoin Supply Dynamics: Holders, Miners, and ETFs

Explore how Bitcoin's supply dynamics are influenced by holder behavior, miner stress, and ETF flows in the current market environment.

The dynamics surrounding Bitcoin's supply continue to evolve, particularly as the price fluctuates between $93,000 and $110,000, a range identified by Glassnode as an "overhead supply" area. This pricing structure shifts the focus of the upcoming quarter's supply narrative toward the cash flow of miners and the selling tendencies of holders, rather than the regular issuance schedule of Bitcoin.

According to the latest report from Glassnode's Week On-chain W02 2026, the interactions between these elements will play a significant role in shaping market conditions. As the cryptocurrency ecosystem matures, understanding these influences will be crucial for investors aiming to navigate Bitcoin's intricate supply landscape.