Bitcoin (BTC) is less active this year than any other time, according to new information, as dealers refuse to sell.
A metric Glassnode’s on-chain monitoring resource shows that The Bitcoin offering is becoming less and less available despite lower prices.
“Anxiety” traders cling to BTC
June 2nd Active Bitcoin supply hit its lowest level in five months at 44.5%.
The number measures the currencies that have moved in the last two years or earlier … and The last time you measured this low, the BTC / USD pair was trading at $ 22,000.
The figure shows how unattractive the idea of selling Bitcoin at current prices is to investors who bought by Bull Run 2019.. As Cointelegraph reported, 2017 buyers already represent a strong cohort of “Hodlers of Last Resort”.
This will somehow prop up morale regarding future price action.As various indicators show, including the Cryptocurrency Index of Fear and Greed Sentiment Measure, a $ 36,000 Bitcoin seems undervalued.
Yet, the May sell-off sparked a wave of freshly liquidated coins that managed to break a two-year accumulation trend.
“The level of accumulation over the past two years is remarkable, but the level of selling pressure in May is also remarkable”Glassnode wrote a summary last week.
“Investors were clearly shocked during this latest sale.”
Bills of exchange increase
Miners are just as reluctant to sell. In relation to the historical average, the outputs of the mining addresses are currently at the lowest level in the last seven months.
The May measures also sparked a rebound in sales, but they have since reversed and are now at their lowest level since November 2020.when Bitcoin was trading at its all-time highs from 2017.
Only retailers are waiting for a possible turnaround as the BTC balance on the exchanges continues to rise after its low in mid-April. This also coincides with the decline from the current all-time highs of just under $ 65,000.