Key Takeaways
Bitcoin is undergoing a mid-cycle supply rotation. Short-term holders are gaining ground as long-dormant coins reactivate at scale. If you thought Bitcoin was just a digital tulip, think again. 🌻
A structural shift is unfolding in Bitcoin’s [BTC] supply dynamics, and it’s about as predictable as a cat in a room full of yarn. 🐱
Long-Term Holder (LTH) supply has declined to 14.54 million BTC, marking a monthly low. Meanwhile, Short-Term Holder (STH) supply has climbed to 2.4 million BTC, reflecting a 7.96% uptick over the same period. It’s like watching a game of musical chairs, but with digital gold. 🎶💰
Notably, this rotation aligns with BTC’s 8.04% monthly close, where the price wicked up to a new all-time high of $123K. Reinforcing this trend, Bitcoin’s new address momentum is ticking higher. It’s like the digital Wild West, but with more math and less cowboys. 🤠
As shown in the chart, BTC’s 30D SMA of new addresses has crossed above the 365D SMA for the first time in months. It’s a classic signal of renewed on-chain expansion. Think of it as a digital gold rush, but with fewer pickaxes and more GPUs. 🛠️💻
Typically, this kind of crossover suggests the rate of new users onboarding is now outpacing the yearly trend, marking a strong vote of confidence from retail and newer market entrants. It’s like a parade of newbies, all convinced they’ve found the Holy Grail. 🏆
Zooming out, the picture’s clear: Bitcoin supply is rotating into fresher hands, and the network’s heating up. That’s a notable shift from past cycles where STHs were quick to de-risk on new highs. It’s like they’re playing hot potato, but with digital cash. 🥔💸
Bitcoin’s Supply Map is Getting Redrawn
CryptoQuant data confirms a notable structural rotation in dormant BTC supply. Bitcoin’s old supply is waking up fast, and in much bigger chunks. It’s like the dead rising from their graves, but with better timing. 🧟♂️⏰
In 2023, only around 59k BTC from long-dormant wallets moved. But in 2024, that number exploded to 255k BTC, and 2025 is already at 214k BTC with months to go. It’s a bit like watching a slow-motion train wreck, but with more zeros and fewer casualties. 🚄💥
What really stands out is the size of each move. Average TX size ballooned from 162 BTC to 1,011 BTC, signaling these aren’t retail flows. It’s likely high-conviction entities rotating supply back into active circulation. It’s like watching a financial version of Jenga, but with more precision and less falling blocks. 🏗️ Gameplay
Meanwhile, 2025’s average monthly reactivated supply sits at 30.7K BTC, marking a 6x jump YoY (Year-over-Year). And yet, despite this supply-side activity, Bitcoin has rallied above $120K, highlighting strong underlying demand. It’s like a magic trick, but with numbers instead of rabbits. 🐇📊
Put simply, Bitcoin is redrawing its supply map in real time. Dormant capital is reawakening, short-term holders are gaining market share, and on-chain user growth is accelerating. It’s a bit like watching a digital symphony, but with more chaos and less harmony. 🎼💥
And these aren’t symptoms of late-cycle euphoria. Instead, these are signs of a mid-cycle structural reset. As this repositioning unfolds behind the scenes, Bitcoin appears poised to enter its next major leg up. It’s like the calm before the storm, but with more algorithms and less thunder. ⚡📊
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2025-08-06 01:16