Bitcoin (BTC) is less active than at any time this year, according to new data, traders are stubbornly refusing to sell.
A metric of the Glassnode chain monitoring resource reveals that the supply of Bitcoin is becoming less and less available despite lower prices.
The “scared” hodlers cling to BTC
On June 2, the active supply of Bitcoin reached a five-month low of 44.5%.
Two-year active offer of Bitcoin against the BTC / € chart. Source: Glassnode / Twitter
The number measures currencies that have moved in the last two years or so, and the last time it measured this low, BTC / USD traded at around $ 22,000.
The figure shows how unattractive the idea of selling Bitcoin at current prices is for investors who bought until the 2019 bull run. As Cointelegraph reported, 2017 shoppers already represent a strong cohort of “last resort hodlers ».
This somehow helps to prop up morale about future price action: as several indicators show, including sentiment measurement, the Crypto Fear & Greed Index, 1 Bitcoin of $ 36,000 seems undervalued.
However, the May liquidation marked the beginning of a wave of recent liquid currencies, which managed to offset a two-year accumulation trend.
“The magnitude of the buildup over the past two years is remarkable, however, the scale of selling pressure in May is also remarkable,” Glassnode wrote in a summary last week.
“Investors were clearly scared during this recent liquidation.”
Foreign exchange balances go up
Equally reluctant to sell, meanwhile, are the miners. In relation to the historical average, the departures of the miners’ directions are now in a minimum of seven months.
The May action also caused a rebound in sales, but since then this has been reversed, and is now at its lowest level since November 2020, when Bitcoin traded around its all-time highs since of 2017.
Multiple Bitcoin miner output chart. Source: Glassnode / Twitter
Only retailers are waiting behind the scenes for a possible change, as BTC’s balance on trade continues to rise after its mid-April low. This also coincides with the fall of the current all-time highs of nearly $ 65,000.
Bitcoin Exchange BTC balance chart. Source: Bybt