#数字货币市场洞察 Is Bitcoin Done Falling? Structural Supply Squeeze May Be Brewing the Next Rally

Today, the crypto market remains the same: short-term volatility, long-term restructuring. Bitcoin is hovering around $90,000, but if you only look at the price, you’re missing the truly valuable information.

In the past few days, Bitcoin has repeatedly tried to break through the $92,000–$94,000 barrier but has been pushed back each time. The reasons aren’t complicated: global interest rates are still uncertain, large-scale ETF inflows are not strong enough, and short-term speculators are running out of ammo. But here’s the key: on-chain data is telling a different story.

The amount of Bitcoin available for trading on exchanges is continuously shrinking and has dropped to a phase low. In other words—there are fewer sellers. If sustained buying comes in, it could quickly trigger a “low supply → rapid price surge” reaction.

Looking at the capital side is even more interesting. Those relying on high leverage and short-term speculation have already been mostly wiped out by previous crashes and liquidations. Those still holding on are basically stable institutions, long-term players, and truly deep-pocketed investors. They’re quietly accumulating Bitcoin and Ethereum at lower levels, paving the way for improved liquidity ahead.

The core message is this:
Price is hesitating, money is sinking in.
The market is still anxious, but the bottom is quietly building up.

Three signals to watch next:
① Whether exchange Bitcoin reserves continue to decline—this will determine if supply is truly tightening
② Whether institutional capital returns—a rebound in ETF inflows equals a return of market confidence
③ When interest rates and liquidity will turn—once global risk appetite improves, crypto assets are usually the first to benefit

The current rhythm is:
Short-term, still mainly volatile, with some panic in the market
Mid-term, capital structure is improving and supply is tightening, laying the groundwork for a rebound
Long-term, once the macro environment warms up, a new bull cycle is definitely possible

The changes in this Bitcoin cycle are no longer just about hype. Structural improvement, supply shortage, institutional entry—this is the prelude before a true structural, supply-driven, and institutional bull run.

$BTC $ETH