Bitcoin’s price surged past $120,000 this week, hitting an all-time high before experiencing a correction. Following the record surge, prices dipped slightly to around $121,000. This is approximately 4% lower than the peak of $126,220 on Monday. Arctic Digital’s Justin d’Anethan notes that this dip is typical and downplays concerns as long-term Bitcoin supply remains robust despite short-term volatility from profit-taking and leveraged liquidations. However, Vincent Liu, CIO of Kronos Research, states that sentiment remains mixed yet positive with long-term wallets continuing to accumulate. 30% of Bitcoin’s supply is currently held in long-term wallet addresses, a crucial factor for sustained growth. The dynamic market forces impacting Bitcoin prices include high demand for spot cryptocurrency ETFs, particularly Bitcoin ETFs. This, coupled with the lowest BTC supply on exchanges over the past six years, underscores the potential for increased price pressure. 50% of these available funds are concentrated in just three large trading exchanges, highlighting an uneven distribution of buying and selling pressure.