A recent analysis of Bitcoin’s supply patterns has revealed that over 46% of the digital currency’s circulating supply has not been moved in over 3 years. The data, provided by Glassnode, shows that despite fluctuations in other cohorts, the cohort representing coins held for over 3 years has reached an all-time high.
In late 2023, all Supply Last Active (SLA) cohorts hit their peak levels. However, the launch of a US Bitcoin ETF and subsequent outflows from GBTC, combined with selling from long-term holders, caused a temporary decrease in the SLA cohorts. The cohort representing coins held for over a year dropped from over 70% to 66%, while the cohort representing coins held for over 2 years fell from over 57% to just over 54%.
On the other hand, the cohort representing coins held for over 3 years increased from over 42% to just over 46%, indicating that many investors from the 2021 bull run have maintained their positions. This data also raises questions about how holders who weathered the Bitcoin price drop from $50,000 to $30,000 in 2021 have behaved.
The upcoming months are expected to provide further insights into the behavior of Bitcoin holders and how they manage their positions during periods of market volatility.
