Amid market correction, the active Bitcoin supply has dipped sharply in the past few weeks. According to the latest data published by Glassnode, an on-chain analytics platform, Bitcoin supply that was last active approximately a decade ago has reached a record high of over 2.45 million.
The latest data indicates that the long-term holders of the world’s largest crypto asset have decided to hold on to their digital assets. While active BTC supply is shrinking, BTC’s hash rate is rising. On 12 June 2022, the Bitcoin mining rate touched an all-time high of 231 Exahash.
The “amount of Bitcoin supply last active 10 years ago just reached an ATH of 2,453,337.787 BTC. Previous ATH of 2,453,337.657 BTC was observed on 15 June 2022,” Glassnode highlighted in a Tweet.
Due to the recent crash in Bitcoin, a large percentage of the active supply fell into heavy losses. According to Glassnode, the BTC supply in loss reached almost 8.67 million on Thursday, which is the highest level in approximately 24 months.
Fed and Bitcoin
Yesterday, the Federal Reserve (Fed) in the US announced its biggest interest rate rise in almost three decades.
Commenting on the impact of the Fed’s decision on BTC and other crypto assets, Chris Terry, BPSAA’s Board Member and the VP of Enterprise Solutions at SmartFi, said: “We can clearly see, at least at this moment of time, that Bitcoin is intertwined with the traditional financial markets. Thus, even us in Crypto have to watch the Fed, which I would never have dreamed of a year ago.”
“For BTC, in particular, this $20,000 price point is pretty important. We see some support all the way down to the $18,000 range. If we break that, all bets are off. The best thing you can do now is to have cash on hand. As bad as it seems, it could be a huge buying opportunity,” Terry added.
This article was written by Bilal Jafar at www.financemagnates.com.