Active supply of Bitcoin (BTC) reached the lowest level in 19 months, exceeding one million Bitcoins. This could indicate a potentially strong price increase if it coincides with the findings of a report from Stack Funds Asset Management Funds earlier this month.
2017 Bull Running Scenario on the Agenda
Active supply saw a sharp increase earlier this year, up 16% in less than three weeks, up to 1.3 million Bitcoins. Looking at the 90-day moving average over the past three years, a sharp increase and then almost the same retreat pattern were seen twice before a strong price increase.
The decrease in active supply indicates that more users are holding their Bitcoins instead of trading.
Active Addresses Point to the Rise
Earlier this month, Bitcoin Active addresses increased sharply and reached the highest level in a year. Again, this model was seen just before the bull run of 2017 and the strong price increase seen in the first quarter of 2019.
Miners Keep Bitcoin
A relatively new statistic published by Glassnode examines the amount of Bitcoin miners ‘flow – the number of Bitcoins coming to the miners’ addresses, and shows that miners make up a significant portion of those who hold Bitcoin with an almost completely positive net flow.