Bitcoin (BTC) has hit a 10-month low in terms of the number of Bitcoin outputs that have been spent after being dormant, according to data from Glassnode, a well-known market tracker. The metric is referred to as “Number of Spent Outputs with Lifespan 1y-2y (7d Moving Average (MA))” which measures the number of Bitcoin outputs that have been spent within the past seven days after having been dormant for at least one year and two months. Glassnode data showed that this metric had reached a low of 164.214 on May 13, 2023, which is the lowest level that was observed since July 13, 2022.

As a result of this metric hitting the 10-month low, it can be interpreted that long-term holders are becoming less active in the market, or that there has been a shift in trading patterns. It is possible that some long-term holders are selling or transferring their Bitcoin due to being less confident in its long-term growth prospects. It also implies that some investors may be choosing to hold on to their BTC for extended periods of time rather than engaging in short-term trading.

Continuing with the current trend, Bitcoin has experienced a decrease of over 9% in the past seven days, putting its current price around $26,800. Bitcoin traders have bought and sold only $16 billion worth of BTC in the past 24 hours, a 16% drop from the previous day.

Moreover, the percentage of unmoved Bitcoins reached an all-time high of 53% in the last two years, indicating that at least half of all BTC in circulation has still not been traded since 2021. Therefore, the recent data from Glassnode gives an insight into the actions of long-term Bitcoin holders and their shift in trends. The data shows that a number of investors are apprehensive and not willing to trade their BTC regularly, either to gain short term profits or out of faith in its long-term growth.



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