Data shows that Bitcoin sellers are about to start a race for new highs in BTC price

Seasoned Bitcoin (BTC) sellers are in the process of creating a new bull run by hoarding BTC, according to data released this week.

According to the chain monitoring resource Glass knot, the Bitcoin supply is supposed to initiate a new aging process.

Supplies for 1 year olds are exhausted

Highlighting the active supply metric, the Glassnode researchers note that the percentage of Bitcoin supply that last moved a year or more ago is forming a local low.

Under such circumstances, new owners or “sellers of coins” from the sale of these old coins began to pile up in the past, increasing the age of the generally dormant supply. This in turn resulted in a “suppression of supply” in which demand increased relative to the available BTC and the price benefited from it. The proposed sale becomes the local climax, after which the process starts all over again.

One such circular pattern emerged during Bitcoin’s $ 20,000 price in late 2017, and the all-time high of April 2021 seems no exception.

However, the numbers differ between the two years.

“Bitcoin supply, which has been dormant for at least a year, is starting to bottom out at 54.2%. Compared to the 2017 peaks, this shows that a relatively larger percentage of BTC is still in the cold store, “commented Glassnode.

“However, it also shows that less money is being spent to get to the top in 2021.”

The data shows that Bitcoin sellers are about to start a race to make new highs in BTC price 3

More and more “last resort”

Cointelegraph regularly reports on the behavior of BTC newbies and cohorts of different ages influencing the market.

Related: Just Another Bubble? New research shows Bitcoin price is outperforming China’s debt cycle

Most recently, data shows that those in power control more BTC supply overall than at any time since October 2020.

Likewise, the cake belongs to speculative traders who continue to experience local resets during depreciation events like May and September this year.

Cointelegraph regularly reports on the behavior of BTC newbies and cohorts of different ages influencing the market.