Bitcoin market shows tightening supply and early signs of a bear‑market bottom

VanEck’s latest BitcoinChainCheck notes that Bitcoin has been trading in a narrow range around US$63,700, reflecting a “summer lull” with reduced spot‑volume (about 5.1 bn USD per day, 29 % below the post‑2019 norm) and declining realised volatility. The report highlights a constricting supply side, higher long‑term holding ratios and weaker miner‑economics, signaling heightened risk despite the consolidation.

Glassnode’s on‑chain analysis observes a decline in realised loss volume among 1‑ to 2‑year holders, indicating that selling pressure from this cohort is easing. The analyst cites this as an early indicator of possible bottom formation, with the composite Market Compass score still low but showing improvement. Together, the analyses suggest that the Bitcoin bear market may be losing momentum and could be approaching a floor.