Bitcoin, at the time of writing, was trading well above $19,000 on the charts. However, while that is a bullish observation, a closer look at Bitcoin’s fundamentals would reveal a contradiction of sorts.
Curiously, the active supply of Bitcoin has hit both an ATH and an ATL. This contradictory position is possible entirely due to the difference in movements of the 1Y old supply and the 2Y-3Y old supply of Bitcoin. In fact, Bitcoin’s Active Supply 2y-3y (1d MA) climbed to a 4-month high of 2,622,543.824 BTC, based on data from Glassnode, while the previous 4-month high of 2,613,571.261 BTC was observed earlier in August.
BTC Active Supply 2y-3y || Source: Glassnode
Interestingly, Bitcoin’s percentage supply last active 1+ years just reached a 5-month low of 61.188%. The previous 5-month low in Bitcoin’s percent supply of 61.189% was observed recently too.
BTC Active Supply 1y-2y || Source: Glassnode
Based on data from Glassnode, the percent supply active in 1Y has been dropping rapidly against increasing activity from the 2Y-3Y supply of Bitcoin. These contradictions…