The Bitcoin Supply is historically tight, with an all-time-high in coins held by Long-Term investors, and impressive rates of accumulation taking place. In this edition we explore this tightness using several on-chain supply heuristics and metrics.

Executive Summary
- The Bitcoin supply is quite tight with several measures of supply such as Illiquid, HODLed, and Long-Term Holder Supply at historical highs.
- The spending behavior of Short-Term Holders suggests a shift in market character has taken place now that the market has rallied above the key $30k level.
- Analysis of investor cost basis for various cohorts suggests that this $30k level is an important zone of interest for the bulls, with an 'air-gap' between there and $33k.

Read our full analysis in The Week On-chain Newsletter, and watch our latest video analysis report.