Key Takeaways
- Bitcoin's 1-year inactive supply, sometimes called 1-yr HODL wave, hits an 18-month low of 65.8%.
- Investors are likely taking profits amid a 148% price surge since last April.
- The decrease in inactive supply marks a shift from the 2023 holding strategy.
The percentage of Bitcoin’s circulating supply last active in the last year has declined to 65.8%.
It recently hit an all-time high of near 71% in November 2023, meaning that 71% of all bitcoins had not been moved in the last 365 days.
The current 65.8% of bitcoins not moved in the last year marks the lowest level since October 2022.
Profit-taking in a rising market
The decrease likely indicates that some investors are taking profits.
Some also speculate that this could be GBTC’s bitcoins moving on-chain, as GBTC is being sold and sent out from the trust.
This shift comes after a substantial 148% increase in Bitcoin’s price since April of the previous year.
Shift from holding strategy
According to Coindesk, the drop in inactive supply suggests a move away from the holding strategy prevalent throughout 2023.
