Bitcoin hit its new ATH without fresh supply, forcing buyers to chase dormant coins

Bitcoin didn’t scope its caller ATH with wide coin question oregon a surge successful recycled supply. The rally came arsenic ample portions of Bitcoin’s UTXO acceptable continued to age, locking up liquidity alternatively of distributing it.

Between Feb. 28 and May 28, the stock of the UTXO acceptable classified arsenic semipermanent (outputs older than 6 months) accrued by 3.79 percent points, reaching 73.38%. This summation successful dormancy followed the fastest gait of terms appreciation since the past 4th of 2024. It showed that overmuch of the request down the rally was absorbed without triggering large-scale nett realization.

The astir pronounced structural displacement occurred successful the 1-month to 3-month cohort, which fell by 4.68 percent points. These UTXOs, chiefly originating from February and aboriginal March accumulation, did not recycle into younger bands done speech transfers. Instead, they matured into the 3-month to 6-month bracket, which gained 1.97 percent points to go the fastest-growing portion of the set.

The adjacent 6-month to 12-month and 12-month to 18-month groups besides expanded, adding 1.84 and 1.24 percent points, respectively. These increases hint backmost to coins accumulated successful precocious 2024, present comfortably aging into deeper dormancy. The structural accusation is clear: fewer buyers from the erstwhile 2 quarters person exited, and galore are present semipermanent participants by on-chain definition.

Short-term churn remained debased throughout. UTXOs little than 1 time aged hovered adjacent 1%, a level that hardly changed adjacent arsenic Bitcoin added much than $23,000. Same-week and one-week-to-one-month outputs roseate slightly, gaining a combined 0.90 percent points. But these increases were modest, pointing to marginal maturation successful caller buyers alternatively than speculative turnover.

Cohorts from the 2021–2023 rhythm showed much mixed behavior. UTXOs aged betwixt 2 and 7 years contracted by 1.12 percent points, with nett outflows from the 2-year to 3-year and 5-year to 7-year buckets. These holders showed signs of selective spending, perchance to seizure profits adjacent the ATH. However, the accommodation was limited, and the effect connected aggregate dormancy was minimal.

Notably, the oldest UTXOs, those implicit 7 years old, accrued their stock by 0.42 percent points. These outputs, unspent since earlier the 2017 bull run, grew successful implicit and comparative terms, showing the semipermanent condemnation of aboriginal holders.

Ratio of the full worth of UTXOs by property from March 1 to May 28, 2025 (Source: CryptoQuant)

A deeper look astatine correlation scores reinforces this interpretation. The 6-month to 12-month and 7-year to 10-year bands exhibited beardown affirmative correlations with terms (ρ =0.78 and ρ =0.87, respectively). These bands moved up alongside Bitcoin, reflecting dormancy growth arsenic the terms increased. Meanwhile, the 2-year to 3-year and the 5-year to 7-year bands moved inversely with terms (ρ =−0.90 and ρ =−0.86), confirming that older holders from these cohorts were nett distributors into strength.

The terms rally was met with structural aging crossed the UTXO acceptable alternatively than rotation into younger buckets. This suggests a marketplace that absorbed inflows without drafting retired a ample measurement of existing supply. Spot buyers were apt forced to bid into limited availability, compressing interval and creating a feedback loop of demand-driven momentum.

Net aging besides acts arsenic a cushion against volatility. With implicit 73% of Bitcoin’s UTXO acceptable present older than six months, astir proviso is dilatory becoming functionally illiquid. This reduces downside unit during drawdowns and contributes to little speech inventory levels, creating conditions that usually favour a continued terms appreciation.

The 1 caveat is the selective spending seen successful immoderate mid-term cohorts. While not aggressive, the information that immoderate 2021–2022 buyers took profits suggests that organisation whitethorn go much disposable if terms moves stall. However, unless short-term UTXOs statesman expanding meaningfully, it’s improbable that these income volition overwhelm spot demand.

The information enactment a marketplace operation tilted toward accumulation and semipermanent positioning. As UTXOs property further, the load of terms find volition proceed to autumn connected marginal inflows alternatively than recycled coins. That makes each inflow number and keeps the equilibrium of powerfulness tilted toward holders who aren’t successful a hurry to spend.

The station Bitcoin deed its caller ATH without caller supply, forcing buyers to pursuit dormant coins appeared archetypal connected CryptoSlate.