Bitcoin Supply Inactive for a Year Slides to 18-Month Low of 65.8%
Summary
The percentage of Bitcoin's circulating supply that hasn't moved on-chain for at least a year has dropped to its lowest since October 2022, with 12.95 million BTC, or 65.84% of the circulating supply, remaining unchanged for over a year. This decline likely indicates profit-taking by investors who held coins for one year or more, a shift from the holding strategy seen throughout 2023. The urge to sell is likely due to Bitcoin's 148% price surge since April last year and the 50% rally since the introduction of several spot exchange-traded funds (ETFs) in the U.S. A decrease in the percentage of inactive BTC is considered a leading indicator for the end of a bull run, according to data tracking website MacroMicro.
