On-chain data indicates that long-term investors are accumulating Bitcoin, per UTXO age distribution bands. The persistent accumulation trends is taking place amidst a backdrop of dwindling supply, with large entities withdrawing coins from exchanges. The coloured bands in the chart below show the relative fraction of bitcoin in existence that was last transacted within the specified time frame. The 1y-2y band historically tends to indicate periods of accumulation during cyclical bitcoin bottoms. In August 2021, it fell to 9.5%, and has since expanded to 20% (since August 2022). Similarly, a longer-term cohort of ... (full story)