The Supply Adjusted Dormancy🟠 (30MA) indicator calculates the average time required for each coin based on the last time BTC was transferred. What's interesting is that the hands holding BTC are actively changing. The fact that Dormancy remains high means that someone is buying BTC LTH.

The point is that the price movement and Dormancy are quite similar to 2019 when the market went from bottom🟥 to a recovery period🟩. Although 2020 showed a dull sideways movement (excluding the COVID-19 shock period), it was confirmed that a large part of the BTC supply was transferred to STH as the Dormancy indicator declined overall. Of course, we can't make any hasty conclusions, but new demand is slowly pouring into the market at that time.

🔔Towards the end of 2023, Dormancy also shows lower value than before. If things go similar to 2019-2020, I think this will be a constructive phenomenon in the long term, even if the sideways price trend lasts longer.