• Bitcoin (BTC) supply last active in the past 2-3 years hit a 2-year high, indicating increasing holders are holding onto their tokens for an extended period.
• Data from Glassnode revealed that the amount of BTC last active in the past two to three years currently stands at 2.848 million BTC.
• Despite its extended consolidation below the $29,000 price threshold, bitcoin’s long-term holders (LTHs) show a bullish trend with low on-chain activity among them.
Bitcoin Supply Last Active In Past 2-3 Years Hits 2 Year High
The amount of bitcoin (BTC) supply last active in the past two to three years recently hit a two year high despite bitcoin’s consolidation below the $29,000 price mark after plummeting below this threshold over a week ago. According to data provided by blockchain data intelligence provider Glassnode, this metric currently stands at 2.848 million BTC which is 14.7% of bitcoin’s circulating supply and indicates that increasing BTC holders hold onto their tokens for an extended period typically for investment purposes.
Analysis Of Bitcoin Binary CDD Indicator
Data on bitcoin’s long-term holders (LTHs) movement suggests a bullish trend as indicated by the BTC Binary CDD indicator which reveals a relatively low on-chain activity among these asset holders indicating that they are currently holding onto their tokens.
Bitcoin Price Consolidates Below $29K
Despite this bullish trend however, bitcoin has been struggling to solidify its position above the $29,000 territory since April and eventually dropped to a two month low of $25,899 on May 12 due to concerns about high transaction fees triggered by network congestion causing it to register eight consecutive daily losing candles from May 6th to 13th – its highest since December 2020 when it was trading around its all time highs near $68k USD.
Glassnode Tweet On Bitcoin Supply
Glassnode first drew public attention to this metric earlier today with a tweet saying “Amount of Supply Last Active 2y-3y (1d MA) just reached a two year high of 2,848,570.543 BTC” providing further evidence for increased investor interest and demand for the world’s leading cryptocurrency seen throughout 2021 despite periods of volatility and bearish sentiment affecting prices across many crypto assets throughout this period.
Conclusion
In conclusion it is clear that there is an overall increase in investor confidence in Bitcoin evidenced by higher levels of HODLing as well as an increase in demand seen throughout 2021 resulting in increased prices despite periods of bearishness affecting other cryptocurrencies markets during this same period indicating potential future increases in value moving forward into 2022 and beyond if current trends persist or improve even further over time