According to the Glassnode agency report, people have been hesitant to move Bitcoin out of their wallets lately. The figure regarding the BTC supply has dropped to a 6-month low of 1,127,509.287 today. It is widely speculated that after the halving of BTC, the demand for BTC remaining stable, the fewer amount of coins produced by miners will make the price skyrocket.
Bitcoin holders are hesitant about moving their funds.
Previous 6-month low of 2,236,484.277 BTC was observed on 05 April 2020
— glassnode alerts (@glassnodealerts) April 11, 2020
The Glassnode agency report confirms the fact that more crypto investors and holders have been moving their holdings less active over the past six months. According to the report, the realized cap of Bitcoin moved on the chain over the past six months, totals $101,305,490,541.69, adding to the overall cap of Bitcoin. Earlier, this metric was measured on January 1. The report also noted that over the past three months, the number of crypto wallets holding more than 1,000 BTC has dropped by nearly a thousand.
Bitcoin heads into halvening with a low RSI.
The leading cryptocurrency will witness the halvening event on May 12, which would reduce the block reward by 50%. The current reward for mining each block is 12.5 BTC, but after the halvening event, the reward will be reduced to 6.25 BTC. This is the first time in the history of bitcoin that the leading cryptocurrency is heading into halvening with the historically low levels of Relative Strength Index. RSI of Bitcoin is a trading indicator that measures whether the cryptocurrency is oversold or overbought. At the moment, the RSI of bitcoin is at historically low levels weeks before the cryptocurrency’s halvening is scheduled to take place. At the time of writing, the price of bitcoin is trading just above $7,000, nearly 3% down in the last seven days.