As the BTC available for purchase continues to dip, future buyers might have to pay significantly higher prices to grab the king coin.
About 2.5 million BTC coins were present on centralized exchanges, equating to just 11.5% of the total circulating supply. From the peaks of March 2020, the exchange supply has progressively reduced, marking a decisive shift in sentiment from trading to HODLing.
Long-term holders of Bitcoin have shown less willingness to sell even as prices have recovered in 2023. According to data fromDespite this, diamond hands have refused to let go of their BTC holdings. Dormant supply has pushed to new highs with several age bands indicating increased HODLing activity.A primary reason behind this trend could be because most of these investors acquired the coins preceding the bear market of 2022, during which BTC prices touched new peaks.
However, as the amount of BTC available for purchase continues to dip, these future buyers might have to pay significantly higher prices to persuade long-term holders to sell their holdings.Bitcoin has been locked in the $30,000-$31,000 range for several weeks, dampening high spirits following last month’s rally.
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