$BTC The blockchain data (on-chain data) confirms that the metric known as "Supply Last Active 1+ Years Ago" has firmly hovered around 60% (even touching 68% during accumulation spikes). Binance Research highlighted this as a signal of fatigue in the sell pressure.
Less active circulating supply (Supply Shock)
When 60% of the coins are not moving, it means the real market day-to-day — where traders, new buyers, and ETFs operate — is only contending for the remaining 40%.
If you subtract from this "liquid" 40%:
Coins trapped in contracts or exchanges.
The Bitcoin estimated to be lost forever (forgotten private keys, Satoshi Nakamoto's wallets, etc., totaling between 3 and 4 million BTC).
The actual supply available for trading is extremely scarce. If demand remains constant or increases, this scenario sets the stage for what analysts call a "supply shock," which tends to push the price upward.
More conviction from Long-Term Holders
In the crypto ecosystem, coins that remain unmoved for more than 155 days fall into the Long-Term Holders (LTH) category. Historical statistics show that the longer a Bitcoin remains unstaked, the lower the chance that its owner will sell it due to sudden price fluctuations.
That 60% remains intact, despite high volatility, macroeconomic news, and regulatory changes, demonstrates that the average Bitcoin investor's profile has matured: they are no longer just short-term speculators, but entities or individuals with "diamond hands" who see the asset as a store of value.
Less active circulating supply (Supply Shock)
When 60% of the coins are not moving, it means the real market day-to-day — where traders, new buyers, and ETFs operate — is only contending for the remaining 40%.
If you subtract from this "liquid" 40%:
Coins trapped in contracts or exchanges.
The Bitcoin estimated to be lost forever (forgotten private keys, Satoshi Nakamoto's wallets, etc., totaling between 3 and 4 million BTC).
The actual supply available for trading is extremely scarce. If demand remains constant or increases, this scenario sets the stage for what analysts call a "supply shock," which tends to push the price upward.
More conviction from Long-Term Holders
In the crypto ecosystem, coins that remain unmoved for more than 155 days fall into the Long-Term Holders (LTH) category. Historical statistics show that the longer a Bitcoin remains unstaked, the lower the chance that its owner will sell it due to sudden price fluctuations.
That 60% remains intact, despite high volatility, macroeconomic news, and regulatory changes, demonstrates that the average Bitcoin investor's profile has matured: they are no longer just short-term speculators, but entities or individuals with "diamond hands" who see the asset as a store of value.