Analyst: Bitcoin "hot supply" indicator has dropped by more than 50%

With the recent wave of meme coin scams and macroeconomic uncertainty, speculative enthusiasm in the crypto market is waning, with investors turning to safer digital asset investments.

According to Glassnode data, the "hot supply" indicator for Bitcoin (measuring Bitcoins held for a week or less) has dropped by more than 50%, from 5.9% at the end of November to just 2.3% on March 20th. Ryan Lee, Chief Analyst at Bitget Research, said that this decline indicates that investors are shifting towards safer investment positions amidst recent market volatility.