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

Bitcoin’s rally to $111,700 unfolded with minimal young coin activity, exposing tight float conditions.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The Bitcoin rally defied typical market behavior, with its ascent to a new all-time-high (ATH) fueled by an intriguing phenomenon: instead of recycling supply, the majority of Bitcoin's UTXO set seemed to solidify into long-term holdings. From February to May, a significant increase in dormant Bitcoin highlighted a market absorbing demand without major profit-taking. Surprisingly, this shift wasn't driven by speculative fervor but by... what factor? Discover how these aged UTXOs may be influencing Bitcoin's price stability and future in a way few anticipated.