The liquid supply of Bitcoin continues to shrink, only 36% of BTC in circulation has been moved to the chain in the last six months.
According to data shared by Blockchain Data Collection Glassnode on March 21, the 2017 bull market peak saw 50% of Bitcoin supply over the previous six months.
The data shows that several long-term investors are tempted to sell their bitcoins at current price levels. Also, the latest development shows that Bitcoin whales are hodling for higher prices and can do a lot more to keep the current bull trend going.
Comparing the age of BTC can offer some insight into market sentiment. As prices reach new highs, it is natural that old cryptocurrencies will be sold for profit, but this trend is declining. It shows that investors prefer to hold on to their assets.