Despite Bitcoin's (BTC) toll growing 45% over the past 30 days, cryptocurrency investors are not moving their holdings, according to new data.

Blockchain analytics provider Glassnode released its new "The Week On Concatenation" report on Monday, noting that Bitcoin has continued rallying to new multi-month highs despite deviation in on-concatenation action during the week ending on Mon.

The report discovered that Bitcoin on-chain activity, such as the amount of entity-adjusted transactions, has however not responded to the ongoing bullish action, remaining at historically low levels of between 175,000 and 200,000 daily transactions. Bitcoin on-chain action dropped this low later May 2022'south crypto market crash and hasn't risen to a higher place this level since.

The number of Bitcoin transactions was this low only a few times in the past 5 years, including the 2022–2017 bull run, in which Bitcoin hit $xx,000 for the first time. The same level was also recorded during the 2022–2019 deport market as Bitcoin's cost plummeted 85% from its then all-fourth dimension loftier.

Source: Glassnode

Related: Bitcoin cost tags $50K for first time since May

Despite a significant discrepancy between rise prices and depression on-chain activity, the overall supply dynamics have remained quite bullish, Glassnode reported. This week, the Bitcoin supply held by long-term holders has reached an all-time high of 12.69 million BTC, surpassing the previous record posted in October 2022.

In early Baronial, Glassnode reported that Bitcoin's 50% downside correction in May might not exist equally alarming equally it was in 2022 due to strong "hodling behavior."