Sirwin
Sirwin

Active Bitcoin Supply Reached 19 Months Low - Is It Bullish Or Bearish?


Bitcoin's active supply  (  BTC  ) hit a 19-month low of just over one million Bitcoin . This could signal a large potential price increase if it proceeds in line with the findings of a report by asset manager Stack Funds earlier this month. 

Active bitcoin . Source: Glassnode

In accordance with the running of the bulls 2017

Active offer saw a big increase at the start of this year with a 16% increase in less than three weeks to over 1.3 million Bitcoins. Considering the 90-day moving average over the past three years, this pattern of sharp increases followed by almost equal declines has been observed twice before, both just before sharp increases in prices.

Bitcoin 90 days of active supply. Source: Stack Funds

The decrease in active offer shows that more users keep their Bitcoin rather than exchange it. 

Active addresses display the same pattern

Earlier this month, addresses Bitcoin Active have increased sharply, peaking a year before declining in the last two weeks. Again, this pattern is seen immediately before the bullish wave of 2017 and the sharp rise in prices in Q1 2019.

Bitcoin active addresses . Source: Glassnode

Miners are a high proportion of those who hold Bitcoin

A relatively new statistic released by Glassnode examines the Bitcoin miner's netflow volume - the amount of Bitcoin entering miners' addresses minus the amount of Bitcoin leaving them - shows that miners are a high percentage of those who hold Bitcoin with a flow. net almost entirely positive since the start of the year.

Bitcoin miners' netflow volume . Source: Glassnode

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