According to data tracked by blockchain analytics firm Glassnode, the proportion of Bitcoin’s circulating supply whose last on-chain activity occurred at least a year ago reached a record 70.35%, surpassing July’s peak of 69.35%.
According to Reflexivity Research, the new all-time high reflects “strong belief among its holder base as Bitcoin prices reached all-time highs in 2021 amid widespread hits in the cryptocurrency space and macroeconomic headwinds.”
The proportion of BTC supply that has not been moved on-chain in 2, 3, and 5 years is also at their respective historical highs. This shows that even though Bitcoin has risen to $37,000 this year, long-term investors have no desire to sell. (CoinDesk)