Despite the May sell-off, strong hands are mostly holding firm at prices that seemed impossible two years ago.

Bitcoin (”>BTC) is less active than at any time this year, new data shows, as traders stubbornly refuse to sell.

One metric from on-chain monitoring resource Glassnode reveals that the Bitcoin supply is becoming less and less available despite lower prices.

“Spooked” hodlers cling to BTC

On Wednesday, Bitcoin’s active supply hit a five-month low of 44.5%.

Bitcoin two-year active supply vs. BTC/USD chart. Source: Glassnode/Twitter

The number measures coins that have moved in the past two years or earlier — and the last time it measured that low, BTC/USD traded at around $22,000.

The figure shows just how unattractive the idea of selling Bitcoin at current prices is to investors who purchased up until the 2019 bull run. As Cointelegraph”>reported, 2017 buyers already represent a strong cohort of “hodlers of last resort.”

This goes some way to shoring up morale over future price action as various indicators including sentiment measure the”>Crypto Fear & Greed Index show a $36,000 Bitcoin appears undervalued.

Nonetheless, the May sell-off ushered in a surge of newly liquid coins, something that managed to buck a two-year accumulation trend.

“The magnitude of accumulation over the past two years is remarkable, however, the scale of the sell-pressure in May is also notable,” Glassnode wrote in a digest last week.

“Investors were clearly spooked during this recent sell-off.”

Exchange balances creep higher

Just as reluctant to sell, meanwhile, are miners. Relative to historical average, the outflows from miner addresses is now at a seven-month low.

May’s action likewise triggered an uptick in sales, but this has since reversed — and is now at its lowest since November 2020, when Bitcoin traded around its all-time highs from 2017.

Bitcoin miner outflow multiple chart. Source: Glassnode/Twitter

Only retail traders are waiting in the wings for a potential switch-up as the balance of BTC on exchanges continues to climb after its mid-April bottom. This also coincides with the comedown from current all-time highs of nearly $65,000.

Bitcoin exchange BTC balance chart. Source: Bybt