The active supply of Bitcoin and Ethereum is at record lows

The percentage of tokens that have moved in the past year has fallen to record lows for both bitcoin and ether, according to data from The Block. 

At its peak, over 59% of bitcoin’s supply was active between March 2017 and 2018. However, in the past year, only 30.12% of bitcoin’s supply has changed hands. Ether, which saw over 86% of its supply move between July 2016 and 2017, also hit a record low, with only 39.15% of its supply changing hands in the past year. 

For bitcoin, the record low active supply comes ahead of the anticipated halving of block emission rewards, currently projected to occur in April of next year. The percentage of tokens that haven’t been touched for three and five years are also at record lows, according to The Block’s data. 

Only 58.58% of the supply of bitcoin has changed hands in the past three years, compared to over 73% at its peak in late 2019, whereas the five-year active supply has fallen from a maximum of 83% to 70.13%. However, while the supply of inactive coins is higher than ever, transactions on the network are also near their peak.

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