Over 46% of Bitcoin’s circulating supply hasn’t moved in 3+ years

Recent data from Glassnode reveals intriguing shifts in Bitcoin's supply dynamics, particularly in the supply last active (SLA) cohorts. As 2023 waned, these metrics reached all-time highs, painting a picture of enduring confidence among long-term holders (LTHs). However, the landscape quickly changed with the introduction of the US Bitcoin ETF. This development, coupled with significant outflows and selling actions by LTHs, prompted a noteworthy adjustment in the availability of long-held Bitcoins. But what does the future hold for these stalwarts, especially those who weathered the stormy drop from $50,000 to $30,000 during the contentious China mining ban?

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