Analysts believe that demand for Bitcoin has become more significant than its supply (issuance). The demand for Bitcoin is growing at unprecedented rates.
Bitcoin reserves on Coinbase dropped by 85,000 BTC in 30 days, marking the second-largest decrease in history.
However, the total net outflow from spot Bitcoin ETFs amounted to $223 million yesterday.
As a reminder, after the next BTC halving, the reward for miners will be halved, reducing the amount of BTC in circulation.