Axel Adler Jr.: Bitcoin supply structure shows signs of bottoming out, but lacks surrender selling pressure signal

Analyst Axel Adler Jr. stated that the Bitcoin market has experienced a supply structure similar to the bottom of the cycle, but the key surrender indicator has not confirmed the bottom. Long term holders have achieved a current supply of approximately 12.17 million pieces, although it has fallen from the local high of 12.42 million pieces at the beginning of June, it still shows strong year-on-year growth. There is still a gap between this indicator and the historical bottom levels of 15 million in 2015, 16 million in 2018, and 19.7 million in 2022. In addition, the selling pressure indicator, which measures loss selling, has not shown any signal for 1256 days. The market is currently in the stage of chip sedimentation and has not yet completed the final release of pressure.