Bitcoin’s active offering hits a 19-month low: is it bullish or bearish?
The active supply of Bitcoin (BTC) has dropped to a 19-month low of just over a million bitcoins. This could signal a possible price increase if it matches the results of a report published earlier this month by the wealth manager Stack Funds.
Active supply of Bitcoin. Source: Glassnode
In line with the 2017 upward trend
Active offerings rose sharply earlier this year, rising 16% in less than three weeks to over 1.3 million Bitcoin. Looking at the 90-day moving average of the past three years, this pattern of a sharp rise followed by an almost equal retreat was seen twice before, both just before a sharp rise in prices.
90 days active delivery for Bitcoin. Source: Stack Funds
The decline in active supply shows that more users are holding their Bitcoin instead of trading it.
Active addresses show the same pattern
Earlier this month, Bitcoin’s active addresses rose sharply, reaching one year before falling in the past two weeks. This pattern was observed again shortly before the upward trend in 2017 and the sharp rise in prices in the first quarter of 2019.
Active Bitcoin addresses. Source: Glassnode
Miners are an important part of those who stick to their bitcoins
A relatively recent statistic released by Glassnode that analyzes the volume of Bitcoin miners ‘network flow (the amount of Bitcoin flowing to the miners’ addresses minus the amount of Bitcoin flowing out of them) shows this Miners represent a strong percentage of those who have had Bitcoin with an almost completely positive network flow since the beginning of the year.
Network volume of the Bitcoin miner. Source: Glassnode
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