11 Oct 2021

The short-term bitcoin supply reaches all-time lows

Bitcoins short-term supply, meaning coins moved within the last 3 months, reached a new all-time low of 14.7% on September 30th, and remains low at 14.9% now.
btc supply.svg
Source: Glassnode
The short-term bitcoin supply sits at all-time low levels, which could indicate that there is little demand to sell at the moment. On September 30th, the short-term BTC supply bottomed at 14.7% and has seen a slight increase in the last two weeks amid bitcoins strength, rising to 14.9%. 14.9% is still below the previous all-time low of 15.4% from 2015, illustrating that the active short-term supply of bitcoin sits at unusually low levels. While we emphasized that this could indicate that there is little demand to sell at the moment, it is important to beware that this metric tracks on-chain movements of coins. It’s fair to assume that many bitcoin owners have both a hardware wallet, in addition to using exchange custody for their trading stack. This short-term supply metric does not account for bitcoins shifting hands at exchanges, so it does not necessarily reflect the actual demand to realize profits at the moment.
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