Quick Take
A recent analysis by Willy Woo draws attention to the rising dominance of paper Bitcoin (futures open interest value) over the real, liquid Bitcoin traded daily.
According to Woo, we are witnessing a period where the trading of paper Bitcoin exceeds that of liquid Bitcoin by 20-30%. This surge in paper Bitcoin trading effectively mitigates any potential supply shock, even as there has been a noticeable drop of approximately 500,000 in both liquid and highly liquid Bitcoin supply in recent months.
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