The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

When looking at the bitcoin supply, it’s important to consider the state of the float supply, an estimation of the available bitcoin on the market for sale. One way to estimate the float is to look at short-term holder supply plus the supply balance on exchanges in total and as a percentage of circulating supply. If you were to add in long-term holder supply to these two, supply is nearly identical to circulating supply.

The current float supply is 5.52 million bitcoin worth $317 billion at today’s market price. But we know that any sizable bids to take the bitcoin float off the market may drive the price up, all else equal, increasing the USD market value with every new bid.

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