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James Van Straten reports a significant increase in Bitcoin held by long-term holders, with 400,000 BTC added since November 23rd.
This shift follows changes in behavior after the introduction of an ETF, highlighting adjustments in supply structure. Historical trends, such as previous supply drawdowns linked to events like Yen carry trades and Liberation Day tariffs, are also noted.
The current accumulation of Bitcoin by long-term holders comes amid broader market movements reminiscent of shifts previously observed in commodities and fixed income. James Van Straten's analysis of the recent supply structure adjustments draws parallels to dynamics seen when silver futures surged, notably adding $900 billion to market capitalization as detailed in his report on the 14% surge in silver futures. Additionally, the evolving landscape for both metals and cryptocurrencies recalls earlier warnings of a potential U.S. bond market bubble risk, underlining the interconnectedness of global financial markets.