Bitcoin breaks records as lost coins awaken, miners double down
Dormant coins reenter circulation as on-chain behavior shifts post-ETF approval.
Key takeaways
Bitcoin’s network and market activity are evolving rapidly. Hashrate is at a record high, long-dormant coins are moving again, and active supply is growing — driven in part by the impact of spot Bitcoin ETFs.
Bitcoin [BTC] is evolving, and the data shows it.
In recent days, the network’s hash rate has surged to a new all-time high, while long-dormant coins are springing back into circulation.
Since the launch of spot Bitcoin ETFs last year, active supply has climbed steadily, even as the number of estimated lost coins declines.
These are the early beginnings of a more liquid, dynamic, and maturing Bitcoin market… one where participation is deepening, and investor behavior is changing.
The ETF effect
Since the approval of spot Bitcoin ETFs in early 2024, on-chain behavior has shifted dramatically — especially among long-dormant wallets.
Active supply has grown by nearly 900,000 BTC, while the estimated number of “lost” coins has dropped by over half a million.
This shows that coins previously thought to be unrecoverable are moving again, likely spurred by confidence and rising prices.
Long-term holders are repositioning or offloading portions of their stash, a familiar move during bullish cycles.
Network muscle peaks as BTC hashrate surges
Bitcoin’s network hashrate has hit a new ATH, surpassing 850 EH/s, as shown in the latest chart data. The rise is an obvious sign of unprecedented miner confidence and growing network security.
The post-ETF era is clearly reshaping Bitcoin dynamics even at the protocol level.
BTC: Consolidation, strength and a possible breakout
Bitcoin continued to trade just below $120K at press time, consolidating after its recent surge. The daily RSI was at 64, indicating strong but not yet overbought momentum.
This suggests BTC still has room to climb before hitting exhaustion.
Meanwhile, the OBV remained steady at 1.76M, showing consistent buying pressure even during sideways movement. The indicators point to a healthy pause rather than a reversal.
If volume increases and RSI pushes above 70, BTC could break above its short-term resistance and enter a fresh rally phase, potentially fueled by the broader shifts highlighted earlier.
