Bitcoin Accumulation Hits Seven-Year High, Flashing 2015 and 2019 Bottom Signal: Quant Analyst
Bitcoin (BTC) is flashing a metric reminiscent of previous bear-market bottoms, according to Ki Young Ju, the chief executive of on-chain insights firm CryptoQuant.
Ju notes on Twitter that BTC’s accumulation level has reached a seven-year high.
“Over 6-month-old Bitcoins now take 74% of the realized cap. It was 70%, and 77% at the last bottoms in 2019, and 2015 respectively. Imagine you buy Bitcoins and do nothing over six months. You know how hard it is…”
The CEO clarifies that he’s not saying that 74% of BTC supply hasn’t moved in six months.
“It’s not just about Bitcoin supply but realized capitalization. I meant ‘over six-month-old Bitcoins take 74% of the realized cap, which means over six-month-old unmoved Bitcoins take 74% of market cap in terms of PnL realization.’”
Crypto analytics firm Glassnode also notes on Twitter that the amount Bitcoin supply last active 6-12 months ago (based on a one-day moving average) reached a 6-month high of 2,311,039.946 BTC this week.
The firm also says the number of BTC addresses holding 0.1+ coins just reached an all-time high of 3,832,859 on Monday.
Bitcoin is trading at $20,217 at time of writing. The top-ranked crypto asset by market cap is up more than 3.6% in the past 24 hours and more than 6.5% in the past week.
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Author: Daily Hodl Staff
