bitcoin (B T c) is less active than at any other time this year, with new data showing that traders have refused to sell.
a metric On-chain monitoring resource Glassnode shows that the supply of bitcoin is becoming less and less available, despite lower prices.
“Spooked” Hodlers Are Clinging to BTC
On June 2, the active supply of bitcoin hit a five-month low of 44.5%.
This number measures coins that have moved in the past two years or so – and the last time that low was measured, BTC/USD traded at around $22,000.
This figure shows how unattractive the idea of selling bitcoin at current prices is to investors looking to buy until the 2019 bull run. as Cointelegraph Reported, 2017 Buyers already represent a strong group of “holders of last resort”.
This goes in some way to boost morale on future price action – as various indicators measure including sentiment. crypto fear and greed index Show, a $36,000 bitcoin is undervalued.
Nonetheless, the May selloff marked the beginning of a surge of new liquid coins, which managed to reverse the two-year accumulation trend.
“The magnitude of the accumulation over the past two years is remarkable, however, the scale of the selling pressure in May is also remarkable,” Glassnode wrote in a statement. Collection Last week.
“Investors were clearly scared during this recent sell-off.”
Exchange balance creep up
Meanwhile, there are miners, reluctant to sell. Outflows from minor addresses are now at a seven-month low relative to the historical average.
May’s action also fueled selling, but has since reversed – and is now at its lowest since November 2020, when bitcoin was trading at its all-time high since 2017.
Only retail traders are waiting for a possible switch-up, as BTC balances on exchanges continue to climb after the mid-April bottom. It also coincides with a return from the current all-time high of around $65,000.