[Analysis] "Bitcoin Achieves All-Time High Due to Increased Demand"

Bitcoin (BTC) has reached an all-time high of $107,000, with analyses suggesting that demand for Bitcoin has outpaced supply.

On the 17th (local time), Julio Moreno, head of research at CryptoQuant, stated on his X (formerly Twitter), "Bitcoin's price has risen to $106,000, reaching a peak. This is the result of demand surpassing supply."

He further explained, "While the 30-day nominal demand has increased, the 30-day holdings of over-the-counter (OTC) desks have decreased significantly this year. In particular, Bitcoin OTC desks have seen a monthly balance decrease of about 40,000 BTC since November 20, and as of early December, it has decreased by 25,000 BTC."