Bitcoin velocity hits lows last seen before Q4 2020 BTC price breakout

Bitcoin (BTC) on-chain activity is at levels last seen prior to its run to 2021 all-time highs, information shows.In an X (previously Twitter) post on Aug. 25, Ki Young Ju, CEO of analytics platform CryptoQuant, exposed multiyear lows in Bitcoin velocity.Bitcoin supply stagnates at $26,000 Bitcoin is ending up being progressively fixed at current price levels– with a total BTC price trend missing for months, the impetus to offer or purchase is reduced.Underscoring this status quo is speed, which is a measurement of BTC systems moving around the network.”Bitcoin speed chart. Source: CryptoQuantKi referred to a comparable lack of significant trading activity amongst high-volume financiers– part of a story that states that the market is in “wait and see” mode on BTC.As Cointelegraph reported, new money entering the area was noticeable at the beginning of the year, as BTC/USD started its Q1 winning streak, which ultimately amounted to 70%.