Glassnode report: There are signs of supply tightening in Bitcoin, with small investors increasing their holdings by 19300 RMB per month, exceeding their issuance According to the latest report from Glassnode, on chain analysis shows that the market supply continues to tighten, volatility is compressed, and accumulated pressure is significant. The supply of long-term holders continues to grow, with small investors seeing a net increase of 19300 BTC per month, far exceeding the monthly issuance of 13400 BTC. In addition, about 19% of the circulating supply is concentrated within the range of ± 10% of spot prices, indicating that the market is sensitive to short-term price fluctuations. In terms of ETFs, the total asset management scale of US Bitcoin spot ETFs has reached a new high of $137 billion, accounting for 6.4% of the total market value of Bitcoin. Among them, BlackRock's IBIT holds 55% of the market share and has become the dominant force. Its cost benchmark is close to the market average and active investor prices, further strengthening the impact of ETFs on market psychology and price discovery. The report points out that although ETF inflows have slightly slowed down recently, the long-term trend remains strong, indicating robust institutional demand. The market is facing supply constraints and the accumulation of volatility, which may lead to significant price fluctuations.