This chart presents an overlay of various Supply Last Active variants, expressed as a percentage of the Circulating Supply. The variants include:
- Supply Last Active 1+ Years Ago
- Supply Last Active 2+ Years Ago
- Supply Last Active 3+ Years Ago
- Supply Last Active 5+ Years Ago
Recent Trends in Long-Term Bitcoin Supply
Bitcoin’s supply that was last active over a year ago has recently shown a decrease. This shift indicates a change in the behavior of long-term holders. The initial chart reveals a slight yet noticeable drop in the percentage of Bitcoin that has remained unmoved for over a year, falling from its peak earlier in 2024. This trend suggests a potential rise in selling pressure among long-term holders.
Historical Context of Bitcoin Supply
The second chart offers a broader historical perspective. Although recent declines are evident, these age bands have generally increased over the years. Historical patterns show that periodic drops in these bands typically coincide with major market cycles, during which long-term holders reduce their holdings as bull markets approach their peaks. This recent downturn contrasts with the more consistent upward trend observed since 2013.
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