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Amid November’s 42% Bitcoin rally, roughly 185,600 BTC that hadn’t moved in at least 12 months was transferred on-chain.
The November BTC rally to test all-time price highs saw more than 1% of Bitcoin’s supply move out of long-term storage.
According to Unchained Capital’s ‘hodlwaves’ metric, which measures the time since Bitcoin has moved on-chain, roughly 15% of the Bitcoin that had not been moved for five and seven years as of Nov. 1 were finally transferred on-chain during the month of November.
Nearly 1% of the total supply of #bitcoin moved out of long-term storage (>1 year in the same address) during the price run-up from $13,700-$19,670 in November.
61.43% of the supply of bitcoin has not moved in >1 year. #HODLwaves, h/t @glassnode https://t.co/by2nmlXQIJ pic.twitter.com/WPrserjaSN
— Unchained Capital (@unchainedcap) December 3, 2020
The share of BTC supply represented by coins that were previously dormant for between two and three years also fell from 12.20% to 11.58% — a relative decline of nearly 5% over November, while coins that had not moved for between one and two years dropped from 17.87% to 17.13% — a relative drop of 4%.
However, the number of Bitcoins that have sat still for at least seven years increased slightly over the month.
Surprisingly, short-term on-chain Bitcoin transfers fell during November, with the share of supply that last moved between one day and one week sliding from 3.72% at the start of the month to 2.94% on Nov. 30.
November’s largest shift occurred in the one-week to one-month hodlwave, which shows the share of Bitcoin’s supply that last moved between seven and 30 days. It increased from 6.28% to 8.20% during November.
Only 38.5% of Bitcoin’s supply has been active on-chain in the past 12 months.
Crypto market data aggregator Glassnode released another bullish metric, estimating that nearly 19.6 million Bitcoin addresses were active during November.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2020-12/a4da472f-0037-4a3b-936c-a20f3e44f66b.png?ssl=1)
As such, November saw the second-highest number of active wallets during a single month in Bitcoin’s history, sitting behind only the 21.6 million wallets that were active during December 2017.
November comprised the single-largest monthly candle in Bitcoin’s history when measuring from opening price to closing price, with BTC rallying 42% from roughly $13,800 to $19,700.
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