Apr 9, 2024

Data tracked by blockchain analytics firm Glassnode shows that the percentage of bitcoin's circulating supply that last moved on-chain at least a year ago has declined to nearly 65.8%, the lowest since October 2022.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin's inactive supply for a year slid to an 18 month low of over 65%. The decline likely represents profit taking by investors who held coins for one year and marks a shift from the holding strategy. We saw last year. The urge to sell likely stems from Bitcoin's massive 148% price surge since April last year and the 50% rally since the ETF S began trading in the United States. According to the data tracked by website Macro Micro, a decrease in the percentage of inactive Bitcoin is a leading indicator for the end of the bull run. However, past data shows that bull markets tend to peak as the percentage of inactive supply bottoms out and begins rising as of 9 a.m. Eastern time. Bitcoin was just above $70,000. That's it for today's chart of the day. I'm Jens Asi. We will see you next time to unpack more of the data behind top news stories.

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