On-chain data shows Bitcoin activity has seen a major cooldown over the past month. What does history say about what could be next for BTC?
Below is the chart shared by the analyst that shows the trend in the 30-day change of the Bitcoin % Supply Active over the last few years.
Interestingly, the return above $100,000 earlier in the year couldn’t trigger any such reaction from the sector. And as the price has consolidated above this level since then, the 30-day change has even plummeted deep into the negative zone, suggesting holders have been losing interest.
At present, the metric is sitting at a value of -17%, meaning that 17% less of the 180-day supply is active today compared to a month ago. While this suggests a major cooldown of attention around the network, the development may not be so bad if historical precedent is to go by.
As Adler Jr has highlighted in the chart, the 30-day % Supply Active saw a similar plummet back in September. What followed this market boredom was sharp bullish momentum for Bitcoin.
Bitcoin saw a retrace into the low $105,000 levels yesterday, but it appears the asset’s sideways dance remains rigid as its price is already back at $107,200.
