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The Supply Last Active metric examines the amount of idle Bitcoin over a given time period. Analysts infer that the more inactivity there is, the more BTC is held, reducing selling pressure and acting as a tailwind for bullish price action.
CryptoSlate’s analysis of Glassnode data showed that the percentage of supply held for less than six months has fallen to an all-time low.
Bitcoin Supply Last Active Drops to New Lows
With the arrival of 2023, hopes are high that Bitcoin will reverse the negative price action that characterized the previous year.
The cohort of Bitcoiners who have held for six months or less currently stands at around three million BTC, which equates to 15% of the total circulating supply – the lowest percentage on record.
The previous instance of the Supply Last Active low was at the trough of the 2015 bear market, which occurred in the fourth quarter of the year, when the metric hit 17%. From that point, in two years, the price of Bitcoin went from $200 to $20,000.
Analysis of past data has shown that younger coins typically arrive in volume at two key events:
Bull markets as longer-term investors spend and divest in market strength. Capitulation sell-off events where widespread panic brings coins of all ages back into liquid circulation. Source: Glassnode.com Posted in: Bitcoin, Research
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