2-Year High: Bitcoin Supply Last Active in 2-3 Years Consolidates Above $29K

BTC Supply Last Active in 2-3 Years Hits Two-Year High

• According to data from Glassnode, the amount of bitcoin last active in the past two to three years currently stands at 2.848 million BTC, the highest figure observed since 2021.
• This metric indicates that increasing BTC holders hold onto their tokens for an extended period, typically for investment purposes.
• Despite this bullish trend, bitcoin has been consolidating below the $29,000 price mark after plummeting below the threshold over a week ago.

Glassnode Reports Increase in BTC Supply Last Active

Glassnode, a blockchain data intelligence provider, first drew public attention to the increase in bitcoin (BTC) supply last active in the past two to three years with a tweet today. Per data from Glassnode, the amount of bitcoin last active in the past two to three years currently stands at 2.848 million BTC, representing 14.7% of bitcoin’s circulating supply and the highest figure observed since 2021. A chart shared by Glassnode showed a decline in this metric at the start of 2022 when BTC collapsed from its all-time high of $68,789 but began witnessing an increase at start of this year after bitcoin’s recovery campaign.

Data on Bitcoin’s Long-Term Holders Movement Suggests Bullish Trend

Moreover, data on bitcoin’s long-term holders (LTHs) movement suggests a bullish trend as well. Notably, The BTC Binary CDD indicator reveals a relatively low on-chain activity among long-term asset holders which shows that LTHs are currently holding on to their tokens.

Bitcoin Consolidates Below $29K

This bullish trend has persisted despite bitcoin’s extended consolidation below the $29000 price threshold over recent weeks following its drop from its all time high above $68k back in January 2022. From May 6th – 13th Bitcoin registered eight consecutive daily losing candles eventually dropping it down to a two month low of $25889on May 12th before stabilizing slightly above $28k again today.

Conclusion

In conclusion it appears that while Bitcoin is still consolidating below its previous highs and experiencing regular dips amid concerns about network congestion and fees there remains an overall bullish sentiment around it with increased demand for longer term holds indicated by rising supply last active figures amongst other metrics like LTH’s activity levels being relatively low