On Monday, 12.95 million BTC, equating to 65.84% of the circulating supply of 19.67 million BTC, remained unchanged for over a year, the lowest percentage since October 2022. The metric peaked above 70% with the debut of nearly a dozen spot exchange-traded funds (ETFs) in the U.S. in mid-January and has been falling ever since.
The decline likely represents profit-taking by investors who held coins for one year and over and marks a shift from the holding strategy seen through 2023.
According to the data tracking website MacroMicro, a decrease in the percentage of inactive BTC is a 'leading indicator for the end of the bull run.'
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