As of October 2023, the Bitcoin market exhibited remarkable stability, with nearly 90% of all bitcoins not moving for at least three months. This trend underscored a period of consolidation as investors held onto their assets amidst a fluctuating market. However, the dynamics shifted significantly in early 2024 following the approval of several Bitcoin ETFs. This regulatory breakthrough led to a substantial movement of coins out of Grayscale Bitcoin Trust (GBTC) and similar holdings, injecting fresh momentum into the market.

The approval of ETFs not only facilitated greater institutional participation but also restored confidence among retail investors. The resultant effect was almost a doubling of Bitcoin’s price in a short period. Furthermore, the activation of older coins, which had remained dormant for extended periods, added to the liquidity and vibrancy of the market.

Today, approximately 85% of Bitcoin remains stationary, indicating a strong holding pattern despite the recent price surge. This behavior reflects a maturing market where long-term confidence among holders continues to solidify, even as new avenues for investment and trading evolve.