Bitcoin volume is rising yearly as older coins start to move

Research shared with crypto.news by crypto data firm Arcane Research shows that the seven-day average daily trading volume of bitcoin (BTC) has reached $13 billion — an annual high.

Data from cryptocurrency research firm Santiment also shows that cryptocurrency yields are showing signs of a short-term recovery in the past eight hours.

However, the company advises caution with positive average trading returns in 2023 as markets rise with the highest probability when traders’ assets are underwater. Meanwhile, they are making a slight profit right now.

Furthermore, blockchain data provided by Glassnode shows that the amount of BTC supply that was active just five to seven years ago has reached a five-year high of 1,612,772,732 BTC. Data from the same source also shows that the percentage of bitcoin supply that has not been moved for a year or more is currently at an all-time high of 66.989%.

According to some experts, Bitcoin’s non-moving average time can be a bullish sign for the cryptocurrency’s price. This is because it indicates that long-term coin holders and investors are accumulating and holding on to their bitcoins, which can lead to scarcity and increased demand.

In addition, if these investors believe that the Bitcoin price is likely to rise, they may be less likely to sell their holdings, which further contributes to scarcity and bullish sentiment.

Furthermore, as the bear market lessened in intensity for bitcoin, the percentage of coins worth more than before the last transfer reached a nine-month high of 81,912%. The data overall seems to point to a pickup in interest in bitcoin as market participants see some green again after months of red.

The findings follow a recent analysis by Michael Van de Poppe that suggested Bitcoin could surge to $40,000 before facing harsh corrections.