Bitcoin accumulation and holding continue, and a reluctance to sell means more assets are dormant.
More than half of the Bitcoin supply is dormant, according to data from on-chain analytics provider Glassnode.
Inactive means the coins have not moved in the last two years. Additionally, the percentage of supply that was last active more than two years ago has hit an all-time high at 53%.
After nearly two years of swinging 45%, the number of dormant BTC skyrocketed in 2023. This suggests that those who bought more than two years ago are not ready to sell.
Many bought during the last bull market would still be underwater now. After all, Bitcoin is still trading almost 60% lower from its all-time high in November 2021.
BTC % last active 2+ years ago – Glassnode/Twitter
Bitcoin on-chain movements
Industry influencer Anthony Pompliano tweeted the data on April 10. He also noted that nearly 29% of all bitcoin in circulation hasn’t moved in the past five years.
“That’s a market cap of over $150 billion that hasn’t changed in half a decade,” he said.
Glassnode data also suggests that just under 15% of all bitcoin in circulation hasn’t moved in a decade.
More than 2.7 million BTC are lost, forgotten, “or in the hands of the most disciplined investors in the world,” Pompliano said.
Over the weekend, Glassnode reported that the number of non-zero bitcoin addresses had risen to an all-time high of 45.5 million.
“This indicates that the level of on-chain activity is currently improving,” it noted.
BTC Address Growth – Glassnode
Additionally, it was reported that the Bitcoin to Exchange inflow volume just touched a monthly low. This also suggests that more possession and self-custody is taking place. High inflows to centralized exchanges often signal increased selling pressure.
The opposite may be the case when inflow rates are as low as they are now.
BTC Price Outlook
Bitcoin prices rose a few percent during Monday morning’s Asian trading session. As a result, BTC hit a five-day high of $28,500 before falling back slightly.
At the time of writing, the asset was changing hands for a little less than $28,300.
BTC/USD 1 Month – BeInCrypto
BTC has been consolidating in a tightly constrained channel for the past three weeks. Previous longer periods of consolidation ended in a big move and on-chain data points to a trend reversal to the upside this year.
Disclaimer
In accordance with the guidelines of the Trust Project, this price analysis article is for informational purposes only and should not be taken as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
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