The latest edition of crypto analytic firm Glassnode’s On-Chain report points to a potentially bullish indicator for bitcoin. 

According to the report published June 29, bitcoin’s on-chain fundamentals dropped slightly last week in response to the brief price tumble below $9,000. Bitcoin’s GNI decreased by 2 points, falling into the neutral zone in response to a decrease in the coin’s “Sentiment” subindex. 

While on-chain fundamentals took a small dip, Glassnode found that network health increased during the past week with a slight uptick in network activity. Liquidity also saw the largest increase of all subindices, driven by an increase in off-chain trading liquidity to drive the metric six points higher. 

Investor sentiment towards BTC suffered its greatest loss last week, declining 20 points to settle at a score fo 22. According to the report, the decrease was caused by a drop in market-value-to-realizd-value (MVRV) and the supply of total BTC in profit. However, the report claims long-term sentiment towards bitcoin remains positive. 

Despite the dip in investor sentiment, Glassnode reported a potentially bullish indicator for bitcoin’s outlook. BTC reached a new high for Glassnode’s Supply Last Active metric last week, which correlates to how long BTC have remained unmoved. 

The report reads, 

These show that over 61% of BTC haven't moved in over a year; a new all-time high for this metric.Moreover, the number of BTC which haven't moved in 2+ years is at 44%, approaching a new ATH and showing that we are in a period of sustained HODLing.

The report claims the last time the number of coins last active 1+ years ago exceeded 60% was in early 2016, just before the price started increasing on its way to the $20,000 all-time high. 

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