Share this article
Bitcoin Onchain Data Show Bullish Undercurrents
The market may appear boring, but under the surface, the onchain data is quietly aligning in favor of the bulls.
Updated Sep 14, 2023, 10:11 a.m. Published Sep 14, 2023, 10:11 a.m.
Bullish bitcoin undercurrents lurk below the boringly calm crypto waters, setting the stage for a potential outsized price rally.
The percentage of bitcoin's circulating supply active onchain within the last month fell to a record low of 5.4% early this week, according to Blockware Solutions and Glassnode. In other words, fewer coins are changing hands, indicating supply-side weakness. At press time, bitcoin's circulating supply was 19.48 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Price is set at the margin, which means those who trade Bitcoin back and forth drive short-term price action. As supply-side illiquidity continues to increase, as indicated by fewer supply exchanging hands, any demand catalyst will send the price skyrocketing," Blockware Solutions said in an email.
The percentage of circulating supply that has remained inactive for over a year stands near 70%.
Buy and hold remains a preferred strategy in the crypto market, with the so-called long-term holders controlling over 75% of the circulating supply. Glassnode defines long-term holders as addresses that hold coins for at least 155 days.
Awaiting bullish catalysts
Besides the potential spot bitcoin-exchange-traded fund (ETF) launch, which is several months away, macro and regulatory concerns favor the bears.
"The macro scenario has never been murkier and the 'higher for longer' general mood could keep a lid on risk assets, including crypto," David Lawant, head of research at FalconX, said in a note to subscribers on Tuesday.
"There's also some potential selling pressure coming from government-seized wallets, chapter 11 portfolios, and large token unlocks over the next 6-12 months. Finally, there's uncertainty on whether more regulatory action is coming in the U.S.," Lawant added.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
