Bitcoin’s Active Supply Volume Sets Record High

03/15/2023 09:43 • AI Insights • 124 views

According to reports, according to data from Glssnode, the supply volume of BTC that has been active for over 10 years has just reached a record high of 2658567.739 BTC.

BTC’s last active supply for more than 10 years has reached a record high

Analysis based on this information:

The supply volume of Bitcoin (BTC) that has been active for over a decade has recently recorded an unprecedented high of 2,658,567.739 BTC, according to reports from Glassnode. This figure accounts for approximately 14% of the total circulating supply of BTC, which currently stands at 18.5 million.

For context, BTC was created in 2009, and the longest unspent transaction output (UTXO), a term used to refer to the amount of BTC associated with a single address, dates back to the same year. Over the past decade, a fraction of the BTC mined has remained unused, accruing in dormant wallets. It appears that this dormant supply is starting to move as the value of BTC has soared in recent months.

This uptick in active supply volume can be attributed to various factors, including increased institutional adoption, a growing interest from retail investors, and improved market conditions. Institutional investors such as MicroStrategy and Grayscale have been aggressively buying BTC in large quantities, with the former recently surpassing the 100,000 BTC mark in its holdings.

Retail participation in the crypto market has also been on the rise, with a significant surge in Bitcoin transactions taking place during the recent price hikes. This trend can be observed in the on-chain data, which indicates a growing number of new addresses and active users on the BTC network.

Improved market conditions, such as the recent bull run, have created favorable market conditions that incentivize long-term holders to move their dormant BTC. Many investors may have been waiting for this bullish rally to sell their BTC or simply move it to a more secure wallet.

In summary, the record-high active supply volume of BTC is indicative of growing interest and adoption of the cryptocurrency. It reflects a dynamic market environment where institutional investors, retail traders, and long-term holders are all contributing to the increased activity on the BTC network. As the crypto space continues to evolve, it will be interesting to see how these trends develop and impact the market in the long run.

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