Bitcoin
BTC$22 729.54

-4.30%

Ethereum
ETH$1 560.97

-4.92%

Tether
USDT$1.000083

0%

Binance Coin
BNB$305.42

-3.96%

USD Coin
USDC$0.999972

0%

XRP
XRP$0.392690

-4.91%

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.


Related

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Bitcoin enters short-term correction
Bitcoin enters short-term correction
Bitcoin recharges with optimism, aims for a $25K area
Bitcoin recharges with optimism, aims for a $25K area
Bitcoin Spring: Will BTC bounce back soon?
Bitcoin Spring: Will BTC bounce back soon?
The leading crypto has grown to 21,150 USD
The leading crypto has grown to 21,150 USD
Bitcoin price nears 3-week high as trader says sub-7% CPI may see $19K
Bitcoin price nears 3-week high as trader says sub-7% CPI may see $19K
How have Bitcoin and Forex affected each other in 2022?
How have Bitcoin and Forex affected each other in 2022?
BTC bounces back from Monday’s low
BTC bounces back from Monday’s low
Bitcoin may be near the bottom, but years from the next FOMO
Bitcoin may be near the bottom, but years from the next FOMO

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 78 $22 729.54 -4.30% -0.91% $438 166 694 164 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 80 $1 560.97 -4.92% -4.16% $191 022 338 021 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000083 0% -0.01% $67 781 650 084 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 59 $305.42 -3.96% -0.18% $48 226 570 306 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999972 0% -0.01% $42 707 214 114 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 65 $0.392690 -4.91% -7.98% $19 950 057 993 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999844 -0.04% -0.03% $15 729 733 089 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 67.6% 70 $0.370821 -6.20% -1.49% $12 828 075 578 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 61 $0.086818 -3.52% -1.88% $11 518 194 850 DOGE 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 Polygon (MATIC) MATIC Polygon predictions 65.2% 71 $1.074457 -8.22% 7.81% $9 384 646 732 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 59.6% 91 $23.73 -9.58% -2.65% $8 821 093 670 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 64.8% 78 $6.17 -6.72% -7.56% $7 107 936 803 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 71.2% 54 $90.43 -5.91% 0.15% $6 526 737 028 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68% 69 $0.062057 -2.67% -0.98% $6 309 701 687 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.