YEREVAN (CoinChapter.com) — The Bitcoin Supply Last Moved readings on a one-year timeframe reached an all-time high of 70.3% on Nov. 23. It indicates the supply of coins that have not moved in a year. Meanwhile, its record high coincides with the ongoing Bitcoin accumulation by investors, even in the face of several exchange hacks and regulatory hurdles in the US.
Bitcoin Supply Last Moved is CRAZILY BULLISH!
Reflexivity Research team commented on the ‘Bitcoin Supply Last Moved’ statistics, noting that the high accumulation indicates users are unlikely to offload their stash anytime soon.
The new record high reflects “a strong belief from Bitcoin’s holder base in the wake of crypto-wide contagion and macro headwinds after its all-time highs in 2021,” they added.
While higher prices will ultimately incentivize new sellers, with Bitcoin up over 100% in the same time period, it appears Bitcoin holders are not planning on offloading inventory at these price levels or any time soon.
said the researchers.
Moreover, Bitcoin’s percentage of supply last moved in two, three, and five years also reached record highs in late November. The data reflects long-term holders’ commitment as the top cryptocurrency climbs over $37,000.
Other Bullish Indicators Hint at BTC Price Boom
On-chain metrics other than the ‘Bitcoin Supply Last Moved’ confirm the bullish findings.
According to crypto data provider CryptoQuant, Bitcoin supply on crypto exchanges continues to wane, reaching 2.03 million BTC on Nov. 23. This draining supply indicates users’ determination to hold Bitcoin rather than swap them for other crypto or fiat currency like the US dollar.
Moreover, Bitcoin deposit transactions on exchanges dipped to their May lows, further signaling holding.
Notably, the Bitcoin accumulation continued amid the crypto market threats from Binance’s legal woes.
As CoinChapter previously reported, withdrawals from Binance reached over $1.2 billion on Nov. 22, while other exchanges saw considerable inflow. However, if Binance fails to withstand the $4.3 billion legal fees, the giant’s debacle could result in further losses and bank runs.
As of Nov. 23, Bitcoin’s price remained stable, with a 2% intraday slide.
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