Bitcoin Dormant Supply Metric Mirrors 2016 Run-Up to $20K BTC Price

Bitcoin Dormant Supply Metric Mirrors 2016 Run-Up to $20K BTC Price

Gate Trade News Tuesday, June 30, 2020 18 0

61% of the Bitcoin supply has stayed in the same place for a year or more the only time that happened was before its all-time highs.

 

Bitcoin (BTC) hodlers are preparing for a bull run just like the one that led to $20,000 all-time highs in 2017, one metric suggests.

 

According to on-chain monitoring resource Glassnode on June 28, the proportion of the Bitcoin supply that has not left its wallet in a year or longer reflects 2016.

 

Despite a hectic year for Bitcoin price action, the data shows that over 61% of the supply remained dormant through highs and lows.