From the fourth quarter of 2020 to the first half of 2021, a modest number of coins have re-entered circulation.
A metric called 0-hop supply, which determines mining pool behavior, as it measures whether validators of the Bitcoin network are holding the coins they’ve made, shows that miners hold 20.4K, coins, which they don’t intend on cashing out anytime in the near future.
Smaller miners have unloaded profits, according to the 1-hop supply metric that tracks their movements.
By looking at velocity, which measures the network’s transaction volume relative to its market capitalization, a change in velocity can lend insight into whether the network demand was in step with price appreciation when analyzed along with the trend in price.
Bitcoin whales, who have 100 or more BTC in their wallets, are leading the pack when it comes to long-term holders and increased network demand.