Bitcoin supply that is less than three months old is typically considered as highly mobile, liquid, and most likely to be spent during periods of volatile price swings. Also referred to as “young coins”, this supply increases in volume during a bull market phase when long-term holders start to sell and take profits. As indicated below, the supply swelled up considerably in May.
This actually meant that the cohort that acquired the coins in the last 3-6 months set this off. As evidenced by the graph below, the overall supply held for less than six months declined sharply in May, confirming that capitulation happened in the 3-6 months age band.Interestingly, there has been a sharp increase in retail investors for Bitcoin. Data from Santiment showed that wallets holding less than 10 coins mushroomed in May, most probably driven by Ordinals and BRC-20 token frenzy.
It could thus be possible that most of these new investors were part of the 1D-3m age band, as discussed earlier.
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