As Bitcoin pushes past $93,700 earlier today, the short-term focus has turned to price volatility and breakout narratives. But beneath the surface, the data reveals something far more compelling: an unprecedented level of dormant supply. According to UTXO age bands, more than 70% of Bitcoin’s circulating supply hasn’t moved in the past six months.

This is not speculative froth. It is structural conviction — and it signals a very different stage of the cycle than the noise on social media would suggest.