Bitcoin supply guide: When holders sell, miners strain, and ETFs add pressure

Bitcoin supply guide: cost-basis bands, miner stress, and ETF flow signals

Bitcoin is currently trading outside a $93,000–$110,000 cost-basis band that Glassnode frames as an “overhead supply” zone.

That setup puts the next quarter’s supply story on miner cash flow and holder behavior rather than the issuance schedule. According to Glassnode’s Week On-chain W02 2026, the Short-Term Holder (STH) cost basis sits near $98,300.

That level often becomes a reference point for whether recent buyers add…