In June, the share of Bitcoin that had been inactive for more than a year rose to a record 70% of the coin’s total circulating supply, according to ARK Invest in its monthly report.
Analysts say the indicator signals confidence among hodlers and institutional investors in Bitcoin’s long-term prospects.
For the month, Bitcoin closed at $30,460, up 11.9%. Analysts highlighted that the asset found solid technical support at its 200-week moving average, trading about 14% above it.
The amount of Bitcoin on over-the-counter markets also reached a new high, ending the quarter at 60% of the total supply. This suggests that companies and large investors are increasingly viewing the asset as a long-term investment, ARK Invest says.
Analysts noted strengthening of Grayscale Investments’ GBTC positions. After the filing of BlackRock’s application to launch an ETF based on the first cryptocurrency, Bitcoin Trust quotes rose 57%, and the discount to NAV narrowed from 41.7% to 29.3%.
emphasised that BlackRock’s filing could be a turning point on the path of digital gold toward institutional recognition.
Experts also noted the stablecoins: the supply of USDC has fallen by 37% since the start of the year, while the supply of USDT has risen by 25%, reaching ATH.
Despite the favorable indicators for Bitcoin, the firm warned of looming economic headwinds. Manufacturing data point to a slowdown in new orders. The US gross domestic product is contracting, suggesting a possible recession.
Analysts at Block Scholes said Bitcoin’s correlation with the US stock market has weakened — the 90-day moving average of the correlation has fallen nearly to zero.