As the accumulation and holding of Bitcoin (BTC) continue, Investor resistance to selling means more of the most popular cryptocurrency is going dormant.
According to data from on-chain analytics provider Glassnode, more than half of the Bitcoin supply is down, according to a BeInCrypto report.
By inactive, it means that the coins They have not moved for the last two years. In addition, the percentage of active offer for the last time more than two years ago reached an all-time high of 53%.
After almost two years of hovering around 45%, the amount of inactive BTC increased in 2023. This suggests that those who bought more than two years ago are not willing to sell.
Many of those who bought during the last bull market would still be taking losses at this point. After all, Bitcoin is still trading almost 60% below its all-time high reached in November 2021.
Bitcoin: on-chain movements
The industry influencer Anthony Pompliano, He noted that almost 29% of all BTC in circulation has not moved in the last five years. “That’s over $150 billion in market capitalization that hasn’t moved in half a decade.”said.
Glassnode’s data also suggests that just under 15% of all BTC in circulation has not moved in a decade.
There are more than 2.7 million BTC lost, forgotten “or in the hands of the most disciplined investors in the world”, Pompliano maintained.
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 suggests that the degree of on-chain activity is currently improving.”
In addition, he reported that Bitcoin exchange inflow volumes just hit a monthly low. This also suggests that more retentions and self-custody are taking place. High inflows to centralized exchanges often indicate an increase in selling pressure.
The opposite may be the case when input volumes are as low as they are now.
Bitcoin: price perspective
Bitcoin prices rose 4.6% on Monday, and exceeded $29,000.
BTC has been consolidating in a narrow range channel for the past three weeks. Previous prolonged periods of consolidation ended in a big move, and on-chain data suggested a trend reversal to the upside this year.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
