Facundo Fama2026-10-21

Bitcoin: Supply in Profit ↓

1) Q3 2026 marked the first bullish quarter following a downtrend. 2) The last time such a bullish quarter occurred following a downtrend was in Q1 2023, which preceded a major uptrend that extended through 2025. 3) In both periods, SP increased from 9M to over 14M BTC. The buyers took control of the market. 4) The on-chain data were downloaded from CryptoQuant.