Buying the dip? Record 3.8% of the Bitcoin supply last moved at $30.2K

cointelegraph.com:

Bitcoin (BTC) at $30,000 is the most popular “buy” level ever, the latest on-chain data suggests.

According to figures from crypto analytics firm Glassnode, a record amount of BTC changed hands near current spot price.

BTC price action may have stalled near the $30,000 mark, but buyer behavior suggests that there is significant demand for the largest cryptocurrency here and now.

Glassnode, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number was created.

The figures come from the firm’s Entity-Adjusted URPD, or UTXO Realized Price Distribution metric. This counts UTXOs but discards two important transaction types that could give a false impression of demand.

“In this calculation we discard coin movements between addresses controlled by the same entity, as such transfers do not correspond to real purchasing events and would distort the actual mean purchasing price. Further, we exclude all supply that is on exchanges, because a single averaged price for the funds of millions of users would be misleading and give rise to unwanted artifacts in the data,” an explainer confirms.

The result is that 3.8% of the total BTC supply last moved at $30,200 — more, even, than at $16,500, which marks the area near the 2022 post-FTX bottom.

“Big move is coming,” popular trader Mikybull Crypto commented in part of a reaction to the non-entity adjusted data set, which displays similar numbers.

Other on-chain data reinforces the idea that old hands are uninterested in selling their stake, despite this year’s BTC price doubling.

Related: Bitcoin spending copies history as metric flags ‘1st stage bull market’

Glassnode’s Hodled or Lost Coins metric, which covers what it describes as “old and