Bitcoin hit its new ATH without fresh supply, forcing buyers to chase dormant coins
The post Bitcoin hit its new ATH without fresh supply, forcing buyers to chase dormant coins appeared on BitcoinEthereumNews.com. Bitcoin didn’t reach its new ATH with widespread coin movement or a surge in recycled supply. The rally came as large portions of Bitcoin’s UTXO set continued to age, locking up liquidity instead of distributing it. Between Feb. 28 and May 28, the share of the UTXO set classified as long-term (outputs older than 6 months) increased by 3.79 percentage points, reaching 73.38%. This increase in dormancy followed the fastest pace of price appreciation since the last quarter of 2024. It showed that much of the demand behind the rally was absorbed without triggering large-scale profit realization. The most pronounced structural shift occurred in the 1-month to 3-month cohort, which fell by 4.68 percentage points. These UTXOs, mainly originating from February and early March accumulation, did not recycle into younger bands through exchange transfers. Instead, they matured into the 3-month to 6-month bracket, which gained 1.97 percentage points to become the fastest-growing slice of the set. The adjacent 6-month to 12-month and 12-month to 18-month groups also expanded, adding 1.84 and 1.24 percentage points, respectively. These increases trace back to coins accumulated in late 2024, now comfortably aging into deeper dormancy. The structural implication is clear: few buyers from the previous two quarters have exited, and many are now long-term participants by on-chain definition. Short-term churn remained low throughout. UTXOs less than one day old hovered near 1%, a level that barely changed even as Bitcoin added more than $23,000. Same-week and one-week-to-one-month outputs rose slightly, gaining a combined 0.90 percentage points. But these increases were modest, pointing to marginal growth in new buyers rather than speculative turnover. Cohorts from the 2021–2023 cycle showed more mixed behavior. UTXOs aged between two and seven years contracted by 1.12 percentage points, with net outflows from the 2-year to 3-year and 5-year to…
The post Bitcoin hit its new ATH without fresh supply, forcing buyers to chase dormant coins appeared on BitcoinEthereumNews.com.
Bitcoin didn’t reach its new ATH with widespread coin movement or a surge in recycled supply. The rally came as large portions of Bitcoin’s UTXO set continued to age, locking up liquidity instead of distributing it. Between Feb. 28 and May 28, the share of the UTXO set classified as long-term (outputs older than 6 months) increased by 3.79 percentage points, reaching 73.38%. This increase in dormancy followed the fastest pace of price appreciation since the last quarter of 2024. It showed that much of the demand behind the rally was absorbed without triggering large-scale profit realization. The most pronounced structural shift occurred in the 1-month to 3-month cohort, which fell by 4.68 percentage points. These UTXOs, mainly originating from February and early March accumulation, did not recycle into younger bands through exchange transfers. Instead, they matured into the 3-month to 6-month bracket, which gained 1.97 percentage points to become the fastest-growing slice of the set. The adjacent 6-month to 12-month and 12-month to 18-month groups also expanded, adding 1.84 and 1.24 percentage points, respectively. These increases trace back to coins accumulated in late 2024, now comfortably aging into deeper dormancy. The structural implication is clear: few buyers from the previous two quarters have exited, and many are now long-term participants by on-chain definition. Short-term churn remained low throughout. UTXOs less than one day old hovered near 1%, a level that barely changed even as Bitcoin added more than $23,000. Same-week and one-week-to-one-month outputs rose slightly, gaining a combined 0.90 percentage points. But these increases were modest, pointing to marginal growth in new buyers rather than speculative turnover. Cohorts from the 2021–2023 cycle showed more mixed behavior. UTXOs aged between two and seven years contracted by 1.12 percentage points, with net outflows from the 2-year to 3-year and 5-year to…
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