Share this article
Bitcoin Supply Inactive for a Year Slides to 18-Month Low of 65.8%
The decline likely represents profit-taking by investors who held coins for one year and over and marks a shift from the holding strategy seen through 2023.
Updated Apr 9, 2024, 5:59 p.m. Published Apr 9, 2024, 10:36 a.m.
- The percentage of bitcoin's circulating supply last active at least a year ago has declined from 70% to 65.8% in three months.
- The decline probably indicates profit-taking by some investors in a rising market.
The percentage of bitcoin's circulating supply that last moved on-chain at least a year ago has declined to the lowest since October 2022, according to data tracked by blockchain analytics firm Glassnode.
On Monday, 12.95 million BTC, equating to 65.84% of the circulating supply of 19.67 million BTC, remained unchanged for over a year, the lowest percentage since October 2022. The metric peaked above 70% with the debut of nearly a dozen spot exchange-traded funds (ETFs) in the U.S. in mid-January and has been falling ever since.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Since late December, the percentage of the circulating supply that has not moved in at least two years has declined to 54.% from 57.4%.
The decline likely represents profit-taking by investors who held coins for one year and over and marks a shift from the holding strategy seen through 2023.
The urge to sell likely stems from bitcoin's massive 148% price surge since April last year and the 50% rally since the ETFs began trading in the U.S. At press time, bitcoin changed hands at $70,400. However, it's difficult to ascertain the exact percentage of bitcoin that left the inactive supply has been liquidated in the market.
According to the data tracking website MacroMicro, a decrease in the percentage of inactive BTC is a "leading indicator for the end of the bull run."
Past data, however, show that bull markets tend to peak as the percentage of inactive supply bottoms out and begin rising.
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
BlackRock Files for Staked Ethereum ETF
The iShares Ethereum Staking Trust marks a bold push into on-chain yield exposure, as the SEC's tone has shifted under new leadership.
What to know:
- BlackRock has officially filed for a staked Ethereum ETF, marking its first formal move toward SEC approval.
- The filing reflects a shift in SEC policy under new Chair Paul Atkins after earlier pushback on staking features.
- BlackRock’s existing Ethereum fund holds $11B in ETH, but the new ETF would offer separate staking exposure.
Top Stories
