Bitcoin’s Dormant State
It is reported that the total supply of bitcoins older than 6 months has reached 14.993 million, close to the historical peak (ATH is 15.029 million), while th…
It is reported that the total supply of bitcoins older than 6 months has reached 14.993 million, close to the historical peak (ATH is 15.029 million), while the total supply of bitcoins younger than 6 months has not increased significantly since 2023, hovering around 4.298 million BTCs, which means that bitcoins older than 6 months are generally in a dormant state. In addition, Glassnode also found that only 4.123% of all the transactions sold were Bitcoin older than 6 months.
Bitcoin older than 6 months is currently in a dormant state
Interpretation of the news:
The recent report about Bitcoin’s supply has shown some interesting data. The total supply of bitcoins older than 6 months has reached 14.993 million, which almost touched the historical peak of 15.029 million. On the other hand, the supply of bitcoins younger than 6 months has not significantly increased since 2023 and has been hovering around 4.298 million BTCs. This demonstrates that bitcoins older than 6 months are generally in a dormant state.
When we consider this data, it raises an important question. What are the possible reasons for Bitcoin’s dormant state? One probable answer could be that the holders of these older coins may be inactive traders or investors. They might have purchased Bitcoin at a lower price and are waiting for a favorable market condition to sell them. Other reasons could include the possibility that these holders have lost control of their Bitcoin, forgotten about their holdings or are intentionally holding them as a form of investment (HODLing).
It is worth noting that the total supply of older Bitcoins is gradually moving towards the historical peak. This movement may alert traders and investors. Some might perceive it as a sign of a potential market boom, and others might view it as a precautionary indication that the market might crash soon.
Another interesting observation by Glassnode is that only a small percentage (4.123%) of all the transactions sold were Bitcoin older than 6 months. This indicates that the majority of the circulating Bitcoins are from newer supply. The Bitcoin market is highly volatile, and various factors such as price fluctuations and government regulations might be playing a role in the change of Bitcoin’s supply and activity.
The report’s findings offer insights into Bitcoin’s market behavior, supply, and activity. The dormant state of Bitcoin’s supply highlights the importance of tracking the movement in the Bitcoin market over a long period. The lack of older Bitcoin’s transactions sold indicates the importance of tracking the trading activity of newer Bitcoins. Overall, this report delivers valuable data that can be used to gain insight into Bitcoin’s market trends, supply, and potential market movements.
In conclusion, the report highlights an interesting observation about Bitcoin’s supply, which is in a dormant state. The total supply of older Bitcoins is gradually moving towards the historical peak, and a small percentage of Bitcoin transactions sold are from older supply. This report emphasizes the importance of monitoring and understanding the fluctuating Bitcoin market trends, supply changes, and activity to make informed trading and investment decisions.
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