“Paper BTC” Is Counteracting A Bullish Bitcoin Supply Shock, Analyst Explains

An analyst has explained how the growth in “paper BTC” could be counteracting a bullish Bitcoin supply shock from taking effect.
Liquid Bitcoin Supply Has Dropped, But Paper BTC Is Still At Significant Levels
In a new post on X, analyst Willy Woo shared insight into how the paper BTC compares against the real BTC being traded. According to the analyst, “paper BTC” refers to the combined futures open interest value.
Here is a chart that shows the trend in the ratio between