Unmoved Bitcoin Is Becoming a Hefty Percentage of Total Supply
The number of Bitcoins that haven’t moved in ten years has reached its highest-ever level. Remarkably, this number is now even higher than the balance of BTC held on crypto exchanges.
According to Glassnode data posted by analysts on Feb. 28, the amount of Bitcoin unmoved for a decade or more is higher than that on crypto exchanges.
On-chain analyst Will Clemente reported the remarkable data, which he exclaimed was a “wild stat.” The current exchange balance is around 2.25 million BTC, according to Glassnode.
Fellow analyst Will Woo said that there were 2.6 million Bitcoins that haven’t moved in the past ten years. Furthermore, Chainalysis estimated that around 3.7 million coins were “lost” in a 2020 study.
Therefore, that unmoved figure could rise to over 3.7 million BTC (over 19% of the current circulating supply) by 2030.
Bitcoin Holders Unfazed
The statistic is very bullish for those holding the asset, as industry expert ‘Byzantine General’ mentioned in the replies.
“That’s pretty bullish for a hodler, but if BTC is ever to be used as a real currency I think you would want to see more velocity instead of hoarding.”
Clemente also noted that during every bear market, short-term tourists and speculators leave. However, an increasing number of Bitcoin network users stick around.
Crypto and DeFi analyst Miles Deutscher looked into the price performance of Bitcoin so far this year. He observed two consecutive green months (assuming there isn’t a big crash today). However, he warned that historically, March has been the second worst-performing month for BTC.
Capriole Fund founder Charles Edwards was bullish, predicting the start of another bull market. On Feb. 28, he cited several reasons for this prediction. These included confirmation by multiple long-term technical indicators, on-chain activity, and optimal halving cycle timing. He also said that the macroeconomic climate was shifting:
“We are approaching a macroeconomic regime change. 2023 will likely see a Fed rate pause and change of policy. Rates have trended down every time inflation has dropped as fast as it is today in the last half century.”
BTC Price Outlook
Bitcoin was trading at $23,402 at the time of writing, unchanged from the same time yesterday. Furthermore, BTC appears to be cooling from its early 2023 rally, with a 5.6% decline over the past week.
There is support at $23,000 and then very little all the way down to $22,000, a level not visited for the past two weeks. On the upside, heavy resistance lies at $25,000, a level tested and rejected four times in February.
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