Bitcoin before 2019 now only accounts for 44% of BTC’s active supply

Bitcoin (Bitcoin) Is less active than at any time this year, and new data shows that traders are stubbornly refusing to sell.

An indicator Data from the on-chain monitoring resource Glassnode shows that although the price is lower, the supply of Bitcoin is decreasing.

“Frightened” hodlers insist on BTC

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

Bitcoin’s two-year active supply and BTC/USD chart.Source: Glassnode/Twitter

This number measures tokens that have moved in the past two years or earlier-the last time it measured such a low, the BTC/USD transaction price was about 22,000 US dollars.

The graph shows how unattractive the idea of ​​selling bitcoin at the current price is for investors who bought into the 2019 bull market. As Cointelegraph Report, Buyers in 2017 already represent a strong group of “last hodlers”.

This boosts the morale of future price movements to a certain extent-because various indicators including sentiment measure Crypto Fear and Greed Index It shows that Bitcoin worth 36,000 USD seems to be undervalued.

Nevertheless, the May sell-off triggered a surge in new liquid tokens, which successfully reversed the two-year accumulation trend.

“The scale of accumulation in the past two years is significant, but the scale of selling pressure in May is also very obvious,” Glassnode wrote in a report. digestion last week.

“In the recent sell-off, investors were obviously frightened.”

Foreign exchange balance climbs

At the same time, miners are reluctant to sell. Relative to the historical average, the outflow of miner addresses is currently at a seven-month low.

May’s actions also triggered an increase in sales, but this situation has since reversed-it is currently at its lowest point since November 2020, when Bitcoin trading was at its historical high since 2017.

Bitcoin miners streamed multiple charts.Source: Glassnode/Twitter

Only retail traders are waiting for a potential conversion, as the BTC balance on the exchange continued to climb after bottoming out in mid-April. This also coincides with its fall from the current historical high of nearly 65,000 US dollars.

Bitcoin exchange BTC balance chart. Source: Bybt