- BTC and ETH recorded month lows in amount supply last active.
- The two tokens saw outflows greater than the inflows.
- Both cryptos are up in price in the last 24 hours.
Bitcoin (BTC) and Ethereum (ETH) have seen dips in their amount of supply last active, recording a one-month and five-month lows, respectively, according to data from onchain market intelligence Glassnode.
In a report released early May 17, Bitcoin logged a low of 1,390,854.658 BTC supply last active in a one to three-month period. Three days prior, the “king of cryptocurrency’s” previous one-month low was 1,390,930.172 BTC. Currently, Bitcoin has a net flow of -$326.5 million.
Meanwhile, Ethereum’s supply last active in a three to five year period (24 hours moving average) hit a five-month low of 18,967,784.830 ETH. The last time Ethereum recorded a five-month low of 18,970,064.215 ETH was on December 18, 2021.
Recording an inflow of $1.6 billion and an outflow of $2.6 billion, Ethereum currently has a net flow of -$997.7 million.
What this data from Glassnode implies is that Bitcoin and Ethereum holders are already trading their assets instead of holding them. This can be owed to the flagship crypto suffering a nosedive by almost -25% in the last month, affecting the whole market.
To some investors, a high number of inactive crypto could lead to a spike in price. On the other hand, if fewer assets remain inactive, this signifies the end of a bull run.
At the time of writing, Bitcoin trades over $30,500, up by 1.3% in the last 24 hours. Meanwhile, Ethereum price is up by 2.3% in the last day, trading at $2,090.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
