Bitcoin Active Supply Reaches 6-Month High
Summary
- Bitcoin active supply reaches 6-month high
- Bitcoin halving little over 3 weeks away
As the 2020 Bitcoin halving nears, Bitcoin’s active supply reaches a 6-month high. The active supply is calculated by determining the amount of circulating supply that moved between 1 and 3 months.
The last high was on April 19th, 2020 with 1,986,043 BTC moving in the last one and three months. The cryptocurrency saw a another high today as the active supply surpassed 2,000,000 BTC to 2,022,351 BTC.
A large active supply correlates into greater usage and activity within that cryptocurrency. Bitcoin’s increase in active supply is most likely attributable to the upcoming Bitcoin halving.
Furthermore, spikes in active supplies can foreshadow market accumulation. As whales accumulate large volumes of cryptocurrency from OTC traders, previously dormant addresses holding large amounts of cryptocurrency become active again.
2020 Bitcoin Halving
With the 2020 Bitcoin halving just over three weeks ago, interest has been rising at an unprecedented rate. The search term “Bitcoin Halving” recently reached an all-time high, surpassing the previous high in 2016.
Furthermore, the number of Bitcoin whales recently reached a 2 year-high. The whale accumulation is reminiscent of 2016, the last Bitcoin halving. Moreover, the cryptocurrency space as a whole is seeing a greater volume of institutional investment in 2020.
The 2020 Bitcoin halving will be unlike any prior Bitcoin halving. After 2017’s bull run, Bitcoin has had mainstream media coverage. This halving is one of the most significant events within last 5 years of cryptocurrencies and will set precedence for future halvings.
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