Bitcoin demand is rapidly outpacing supply, with apparent demand growing at a rate of 228,000 BTC monthly, while available inventory has dropped to levels not seen since October 2020. Accumulator addresses are increasing at a record rate, and OTC desk balances have declined significantly, indicating strong institutional interest. Sell-side liquidity has fallen to 3.397 million BTC, the lowest in over four years, further reducing potential selling pressure as the market cap of USD-based stablecoins surpasses $200 billion.