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Long-term Bitcoin holders sell nearly 50K BTC – marking 2023 high

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Long-term Bitcoin (BTC) holders sold nearly 50,000 BTC on May 15, setting a record for such sales this year.

This measure represents revived supply or the amount of the Bitcoin supply that has re-entered circulation after remaining untouched.

Addresses that held Bitcoin for more than one year sold 18,000 BTC on May 15 — while addresses that held Bitcoin for more than two years sold 17,000 BTC. Addresses that held Bitcoin for more than three years sold 17,000 BTC.

Revived Supply: (Source: Glassnode)
Revived Supply: (Source: Glassnode)

Bitcoin has seen higher revived supplies in the past months. Notably, it saw revived supplies of 110,000 BTC and 95,000 BTC in November 2022, representing sales of $2 billion and $1.6 billion, respectively. Bitcoin also saw a revived supply of 100,000 BTC in June 2022, representing sales of approximately $2.4 billion.

Bitcoin currently has a higher market value than it had in those months, meaning that its latest revived supply (50,000 BTC) is worth more than $1 billion. It is, therefore, close to past revived amounts in terms of dollar value.

The post Long-term Bitcoin holders sell nearly 50K BTC – marking 2023 high appeared first on CryptoSlate.

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