Pre-2019 Bitcoins now make up just 44% of the BTC active supply

Pre-2019 Bitcoins now make up just 44% of the BTC active supply

Bitcoin (BTC) is less active than at any time this year, new data shows as traders stubbornly refuse to sell.

One metric from on-chain monitoring resource Glassnode reveals that the Bitcoin supply is becoming less and less available despite lower prices.

“Spooked” hodlers cling to BTC

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On June 2, Bitcoin’s active supply hit a five-month low of 44.5%.

Bitcoin two-year active supply vs. BTC/USD chart. Source: Glassnode/ Twitter

The number measures coins which have moved in the past two years or earlier — and last time it measured that low, BTC/USD traded at around $22,000.

The figure shows just how unattractive the idea of selling Bitcoin at current prices is to investors who purchased up until the 2019 bull run. As Cointelegraph reported, 2017 buyers already represent a strong cohort of “hodlers of last resort.”

This goes some way to shoring up morale over future price action — as various indicators including sentiment measure the Crypto Fear & Greed Index show, a $36,000 Bitcoin appears

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