#SpotVSFuturesStrategy Interestingly, the return above $100,000 earlier in the year couldn’t trigger any such reaction from the sector. And as the price has consolidated above this level since then, the 30-day change has even plummeted deep into the negative zone, suggesting holders have been losing interest.

At present, the metric is sitting at a value of -17%, meaning that 17% less of the 180-day supply is active today compared to a month ago. While this suggests a major cooldown of attention around the network, the development may not be so bad if historical precedent is to go by.



As Adler Jr has highlighted in the chart, the 30-day % Supply Active saw a similar plummet back in September. What followed this market boredom was sharp bullish momentum for Bitcoin.

Related Reading: XRP, ETH Traders Getting Greedy? Funding Rates Highest Among Top Coins

In the temporary bearish period that came after the May 2021 crash, a similar pattern led into the second half of that year’s bull market. However, the 30-day change didn’t become as negative back then. It now remains to be seen whether anything like in the past would follow for Bitcoin this time as well, or if the cooldown in price and activity is here to stay for a while.

BTC Price

Bitcoin saw a retrace into the low $105,000 levels yesterday, but it appears the asset’s sideways dance remains rigid as its price is already back at $107,200.



The trend in the BTC price during the past five days | Source: BTCUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com