Bitcoin
BTC$18 917.31

-1.02%

Ethereum
ETH$1 298.77

-3.27%

Tether
USDT$1.000070

0%

USD Coin
USDC$1.000058

0.01%

Binance Coin
BNB$274.90

-1.14%

XRP
XRP$0.501984

0.54%

Pre-2019 Bitcoins now make up just 44% of the BTC active supply


02 Jun 2021

#Bitcoin

Despite the May sell-off, strong hands are mostly holding firm at prices which seemed impossible two years ago. Bitcoin (BTC) is less active than at any time this year, new data shows as traders stubbornly refuse to sell. One metric from on-chain monitoring resource Glassnode reveals that the Bitcoin supply is becoming less and less available despite lower prices.

"Spooked" hodlers cling to BTC

On June 2, Bitcoin’s active supply hit a five-month low of 44.5%. The number measures coins which have moved in the past two years or earlier — and last time it measured that low, BTC/USD traded at around $22,000. The figure shows just how unattractive the idea of selling Bitcoin at current prices is to investors who purchased up until the 2019 bull run. As Cointelegraph reported, 2017 buyers already represent a strong cohort of "hodlers of last resort."

This goes some way to shoring up morale over future price action — as various indicators including sentiment measure the Crypto Fear & Greed Index show, a $36,000 Bitcoin appears undervalued. Nonetheless, the May sell-off ushered in a surge of newly-liquid coins, something which managed to buck a two-year accumulation trend.

“The magnitude of accumulation over the past two years is remarkable, however, the scale of the sell-pressure in May is also notable,” Glassnode wrote in a digest last week. “Investors were clearly spooked during this recent sell-off.”

Exchange balances creep higher

Just as reluctant to sell, meanwhile, are miners. Relative to historical average, the outflows from miner addresses is now at a seven-month low. May’s action likewise triggered an uptick in sales, but this has since reversed — and is now at its lowest since November 2020, when Bitcoin traded around its all-time highs from 2017.

Only retail traders are waiting in the wings for a potential switch-up, as the balance of BTC on exchanges continues to climb after its mid-April bottom. This also coincides with the comedown from current all-time highs of nearly $65,000.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84% 26 $18 917.31 -1.02% -4.11% $362 463 667 283 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 54 $1 298.77 -3.27% -6.06% $159 129 662 025 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000070 0% 0% $67 959 486 248 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000058 0.01% 0% $49 596 112 733 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 88% 15 $274.90 -1.14% 0.65% $44 352 122 648 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62.4% 74 $0.501984 0.54% 26.46% $25 023 258 974 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000777 0.03% 0.03% $20 533 202 140 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 80.4% 33 $0.449897 -2.32% -3.88% $15 400 494 496 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 80.8% 28 $32.71 -3.79% 0.84% $11 601 976 269 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.061846 -3.69% 3.13% $8 205 146 170 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 76.4% 41 $6.23 -3.04% -8.15% $6 984 955 644 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999539 -0.04% -0.04% $6 927 324 765 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 72% 55 $0.749357 -2.69% -5.72% $6 545 118 739 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 42 $0.000011 -3.43% -2.78% $6 126 642 475 SHIB 7 days price change

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