Bitcoin (BTC) is the most popular “buy level” ever at $30,000, the latest on-chain data shows.
According to crypto analytics firm Glassnode, a record amount of BTC changed hands near the current spot price.
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BTC price action may have stalled near $30,000, but buyer behavior suggests there is significant demand for the largest cryptocurrency here and now.
Glassnode, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number was created.
The numbers come from the company’s Entity-Adjusted URPD (UTXO Realized Price Distribution) metric. It counts UTXOs but discards two key transaction types that could give the wrong impression of demand.
“In this calculation, we discard coin movements between addresses controlled by the same entity, as such transfers do not correspond to real-world purchase events and would skew the true average purchase price. Additionally, we exclude all offers on exchanges, as a single average price for millions of users’ funds would be misleading and introduce unwanted artifacts into the data,” confirms an explainer.
The result is that 3.8% of total BTC supply was last trading at $30,200 – even more than $16,500, marking the area near the post-FTX bottom in 2022.
“There’s a big step ahead,” commented popular trader Mikybull Crypto, in part in response to the non-corporate-adjusted dataset showing similar numbers.
Entity Cleaned Bitcoin URPD Chart. Source: Glassnode
Over 7 million BTC ‘hoarded or lost’
Other on-chain data supports the notion that veterans are uninterested in selling their holdings despite BTC price doubling this year.
Related: Bitcoin Spending Copies History As Metric Shows ‘First Stage Bull’
Glassnode’s Hodled or Lost Coins metric, which covers what it describes as “old and large stashes” of BTC, continues to head for new record highs.
Hodled or Lost Coins is based on the so-called “liveliness” of the bitcoin blockchain – how much of the supply is moving at once and after what period of dormancy.
This data sheds light on how stagnant supply is, and as the name suggests, how much is likely to be out of reach indefinitely — for example, because wallet owners lose access to their investment.
The Hodled or Lost Coins segment currently includes 7.77 million BTC worth around $233 billion. This is the highest value in five years.
Bitcoin Hodled or Lost Coins Chart. Source: Glassnode
Estimates have long suggested that around 20% of the 21 million bitcoin units may already be banned from traffic forever.
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This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.
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