Bullish bitcoin (BTC) undercurrents lurk below the boringly calm crypto waters, setting the stage for a potential outsized price rally.
The percentage of bitcoin’s circulating supply active onchain within the last month fell to a record low of 5.4% early this week, according to Blockware Solutions and Glassnode. In other words, fewer coins are changing hands, indicating supply-side weakness. At press time, bitcoin’s circulating supply was 19.48 million.
“Price is set at the margin, which means those who trade Bitcoin back and forth drive short-term price action. As supply-side illiquidity continues to increase, as indicated by fewer supply exchanging hands, any demand catalyst will send the price skyrocketing,”