Amount of Bitcoin Held For More Than 1-Year Falls During Price Rise

Bitcoin's 1-year inactive supply drops to an 18-month low as investors take profits following a significant price surge.
Amount of Bitcoin Held For More Than 1-Year Falls During Price Rise
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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.

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