According to blockchain analysis company Glassnode, the proportion of Bitcoin circulation supply that has not been active on-chain for at least a year has reached a record high of 70.35%, surpassing the previous peak of 69.35% in July.

Reflexivity Research suggests that the new historical high reflects "strong conviction among Bitcoin holders in the cryptocurrency space despite widespread setbacks and macroeconomic headwinds after Bitcoin's price reached a new high in 2021."

The proportion of supply that has not moved on-chain in 2, 3, and 5 years is also at historical highs, indicating that even with Bitcoin's price reaching $37,000 this year, long-term investors are not willing to sell. (CoinDesk)