Bitcoin Active Supply Down 17%: Here’s What Followed Last Time
Main Idea
The article discusses recent trends in Bitcoin's active supply and historical patterns, noting a 17% drop in active supply similar to a previous occurrence in September 2024, and explores potential implications for BTC's price.
Key Points
1. Bitcoin's 30-day change in % Supply Active has dropped by 17%, similar to a pattern observed in September 2024.
2. The active supply metric indicates reduced activity, with the current value at -17%, meaning 17% less of the 180-day supply is active.
3. Historical data suggests that such drops in active supply have preceded significant price movements for Bitcoin.
4. The article references a CryptoQuant analysis by Axel Adler Jr., highlighting the recent plunge in the Bitcoin % Supply Active metric.
5. Despite Bitcoin's price reaching above $100,000 earlier in the year, the active supply did not reflect increased activity, and the metric has since declined further.
Description
On-chain data shows Bitcoin activity has seen a major cooldown over the past month. What does history say about what could be next for BTC? Active Bitcoin Supply Has Seen A Similar Drawdown As In September 2024 As pointed out by CryptoQuant author Axel Adler Jr. in a new post on X, the 30-day change in the Bitcoin % Supply Active has recently been negative. This on-chain indicator measures, as its name suggests, the percentage of the cryptocurrency’s circulating supply that became involved in so...
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