The Week On-Chain 10, 2024
Bitcoin continues to surprise the market, with its recent rally pushing towards all-time-highs, even prior to the upcoming halving event. In this report, we assess how the demand inflows from the US Spot ETFs are interacting with the supply being released by Long-Term Holders taking profits.

Executive Summary
- Bitcoin prices are attacking the ATH once again, taking the market by surprise, and rallying with strength even prior to the widely anticipated halving event.
- We have seen a sudden spike in the average transaction size interacting with Coinbase, which highlights the size and scale of new institutional capital entering Bitcoin.
- Long-Term Holders have started to ramp up their distribution pressure, hitting spending rates of 257k BTC/month, with GBTC accounting for 57% of these volumes.

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