Quick Take

Roughly two years ago, Bitcoin experienced a significant disruption when China enforced a ban on Bitcoin mining. This development caused the cryptocurrency’s value to tumble from $60,000 to $30,000.

However, in the wake of these challenges, Bitcoin’s “2 years Supply Last Active” cohort has shown resilience, continuously making new highs. At present, this cohort stands strong at 56%. Notably, since May, it has maintained a steady upward trajectory, suggesting a robust recovery.

Additionally, Bitcoin’s “1+ year” cohort has also been recording new highs. This uptrend is particularly remarkable as it follows the dramatic Luna collapse in June 2022, which triggered Bitcoin’s value to drop from $30,000 to $20,000. Despite these substantial market shocks, Bitcoin’s active supply cohorts continue to indicate a persistent strengthening.