More than half of the bitcoin supply is currently inactive, according to on-chain analytics provider Glassnode.
This means that the coin has not moved in the past two years. Additionally, the share of supply that was last active more than two years ago hit an all-time high of 53%.
After hovering around 45% for nearly two years, the amount of inactive BTC skyrocketed in 2023. This shows that people who bought BTC more than two years ago have no intention of selling.
Many people who bought BTC during the last bull run will still be stuck now. After all, Bitcoin is still trading nearly 60% below its November 2021 all-time high.
The last active BTC exchange rate was more than 2 years ago. Source: Glassnode
Bitcoin on-chain movement
Industry influencer Anthony Pompliano posted a tweet on April 10. Furthermore, he observed that nearly 29% of all bitcoins in circulation have been stationary over the past 5 years.
“This equates to a market capitalization of over $150 billion that has not moved in the past five years.”
Glassnode data also shows that about 15% of all bitcoins in circulation have not moved in a full decade.
According to Pompliano, more than 2.7 million bitcoins have been lost, forgotten, or “fall into the hands of the most disciplined investors in the world.”
Over the weekend, Glassnode reported that the number of non-zero Bitcoin addresses had been pushed to an all-time high of 45.5 million.
“This suggests that the level of on-chain activity is slowly improving.”
BTC addresses grow. source: glass node
Additionally, the amount of Bitcoin used for transaction inflows reportedly just hit a monthly bottom. It also suggests more holding and self-monitoring is happening. Funds flowing into highly centralized exchanges are often a signal of increased selling pressure.
The opposite could happen when inflows are as low as they are now.
Bitcoin Price Outlook
Bitcoin prices rose today ahead of the release of March CPI data from the US, helping BTC peak at $30,411 before easing back slightly.
BTC/USD 1-hour chart. Source: TradingView
- Consider this if you doubt Bitcoin’s short-term profitability.
- Ordinal inscriptions on the Bitcoin blockchain have passed the 1 million mark.
board pass
According to BeInCrypto
