TechFlow reports, according to The Block data, that the active supply of Bitcoin and Ethereum over the past year has reached historic lows. At its peak between March 2017 and 2018, over 59% of the Bitcoin supply was active. However, in the past year, only 30.12% of Bitcoin's supply changed hands. For Ethereum, more than 86% of its supply turned over between July 2016 and 2017, whereas last year only 39.15% changed hands—also a historic low.
For Bitcoin, historically low active supply typically occurs ahead of block reward halvings. The next Bitcoin halving is currently expected to take place in April next year.
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