Demand and supply metrics determine the price of an asset and data from Glassnode, an on-chain data firm, shows that Bitcoin’s (BTC) liquid supply has been decreasing since June 2020. This signals that traders owning Bitcoin are not selling their holdings.

While the supply is shrinking, demand has been going up in the past few months as an increasing number of institutional investors have been buying Bitcoin.

Bloomberg recently reported that Morgan Stanley Investment Management’s