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
Similar Posts
Central Bank of Russia to Facilitate Digital Asset Projects, Governor Says
Elvira Nabiullina, Governor of the Bank of Russia, has admitted that the Central Bank of Russia may have taken too hard a stance on digital assets and should reconsider. Thursday, The Russian State Duma has reappointed Nabiullina as Governor of the Bank of Russia, marking the third time she has held the post since taking…
Inflation and Cryptocurrencies: Why the Confusion?
Inflation is one of those concepts that is mentioned a lot but poorly understood. I fear that the term is used very loosely as such. And that’s part of the problem. We need to talk about inflation with some precision. And most importantly, completely eliminate political bias. Here we are going to talk about inflation…
JPMorgan is now betting on Bitcoin and names its “long-term bullish potential”
JPMorgan, the $ 316 billion investment banking giant, said Bitcoin’s long-term bullish potential (BTC) is “substantial”. This new bullish stance on the market leading cryptocurrency follows PayPal will announce that it will allow its users to buy and sell crypto assets within its platform. JP Morgan from “Bitcoin is a scam and will blow up…
They will hold a virtual meeting on the outlook for bitcoin and cryptocurrencies in 2021
Next Thursday, January 21st, DeFi Lab is organizing a meeting entitled “Prospects for Bitcoin and Cryptocurrencies in 2021”. The initiative is carried out to try to answer the following questions: What will be the trend for Bitcoin and the cryptocurrency market in 2021? What milestone can be marked in the ecosystem in 2021? How can…
Double jump.tokyo implements a Layer 2 scaling solution for NFTs
Double jump. Tokyo, the developer of the popular blockchain game My Crypto Heroes, announced on March 25th that it will use the Immutable X platform to mint and trade non-fungible tokens (NFTs) in all of its games. Immutable X. is a Layer Two solution for the Ethereum blockchain created by Immutable. the team behind the…
They will have a meeting on Money on Chain and its role in the DeFi ecosystem
On October 22nd there will be a Spanish edition of BitTalks with a focus on DeFi for Bitcoin, organized by the Blockchain Institute Technology from Spain. The initiative will cover the following topics: An Introduction to RSK (Bitcoin Sidechain) An Introduction to the Money On Chain Protocol (DeFi with Bitcoin) The appointment is on…