Chart of the Day
Bitcoin’s active supply has declined by 33% from its April peak, where the price of Bitcoin topped $63k. Similar changes are observed in the HODL pattern of long-term holders, which has seen substantial growth since the beginning of 2021 — the massive selloff in May did nothing to impede the rate of HODLing by firm believers. Interestingly, previous bull runs often kick start when long-term holders supply reaches between the 60-70% region, and expands into a strong, multi-month rally. According to Glassnode, the long-term holder supply is currently at 66%. Nuff said.