A record 78% of bitcoin has not been used in transactions in the last six months, and the level is increasing, according to the report. That implies investors who bought or received bitcoin longer than six months ago are holding on to their positions, with some likely waiting for a recovery in price, analyst Sheena Shah wrote.
Potential Bitcoin (BTC) Price Rebound May Face Resistance at $65K, OnChain Analysis Shows
Notably, the decline has pushed prices well below the widely tracked aggregate cost basis of short-term bitcoin holders, or wallets...