The idea that an active market is healthy isn't always true. While the amount of activity on a given network can show how stable it is, a lack of activity can also indicate an incoming bullish trend.
The circulating supply ofBitcoin hasn't been affected by the price slump. According to Glassnode, over 65% of the circulating supply of Bitcoins, or around 12.35 million BTC, hasn't moved in at least a year. This is a significant increase from the supply that hasn't been active in at least two years and an increase from the supply that hasn't been active in at least three years.
Data from Glassnode shows that 8.55 million BTC -- 45% of the circulating supply -- hasn't moved in at least two years, while 7.22 million BTC -- or 38% of the circulating supply -- hasn't moved in three years.
We see it moving toward all-time highs of 4.37 million BTC, or 23% of the supply, as the supply hasn't moved in five or more years.
This is a trend that investors are holding their coins through the bull markets and crypto winters. The percentage of holding a Bitcoin in over a year hasn't decreased as a result of the ATH rally in November 2021, and neither has the ongoing bear market. The data shows investors are holding onto their coins thick and thin because they have a low-time preference.