Pre-2019 Bitcoins now make up just 44% of the BTC active supply
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 86% | 25 | $64 395.97 | 0.85% | -0.38% | $1 267 980 920 090 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 78% | 46 | $3 139.17 | 0.16% | 0.88% | $383 133 580 227 |  |
|
| 3 |  USDT |
Tether predictions | 94.8% | 1 | $0.999949 | 0.02% | -0.05% | $110 457 909 592 |  |
|
| 4 |  BNB |
Binance Coin predictions | 84.4% | 20 | $607.92 | -0.05% | 8.63% | $89 704 797 813 |  |
|
| 5 |  SOL |
Solana predictions | 64.4% | 70 | $143.96 | -1.51% | -0.26% | $64 370 491 215 |  |
|
| 6 |  USDC |
USD Coin predictions | 92.4% | 2 | $0.999975 | 0.01% | -0.02% | $33 378 010 873 |  |
|
| 7 |  XRP |
XRP predictions | 66.8% | 68 | $0.524613 | 0.06% | 4.58% | $28 921 441 439 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 67.6% | 65 | $0.150829 | 0.80% | -1.07% | $21 725 502 504 |  |
|
| 9 |  TON |
Toncoin predictions | 65.6% | 65 | $5.39 | 0.63% | -23.55% | $18 707 746 436 |  |
|
| 10 |  ADA |
Cardano predictions | 62.4% | 77 | $0.467601 | -0.51% | 1.12% | $16 662 451 980 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 60% | 82 | $0.000026 | 3.78% | 13.16% | $15 181 787 296 |  |
|
| 12 |  AVAX |
Avalanche predictions | 66% | 75 | $35.39 | 0.43% | -0.12% | $13 384 578 256 |  |
|
| 13 |  TRX |
TRON predictions | 88% | 21 | $0.117183 | 2.64% | 7.58% | $10 261 568 644 |  |
|
| 14 |  STETH |
Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 86.4% | 18 | $0.116990 | 2.67% | 7.76% | $10 244 604 076 |  |
