Over 50% of the Bitcoin supply is untouched since the Bear Market began
Bitcoin accumulation and holdings continue, and a reluctance to sell means more of the asset remains dormant.
According to data from on-chain analytics provider Glassnode, more than half of the Bitcoin supply is idle.
Inactive means that the coins have not moved in the last two years. Furthermore, the percentage of supply last active more than two years ago has reached an all-time high of 53%.
After nearly two years of hovering around 45%, the number of dormant BTC jumped in 2023. This suggests that those who bought more than two years ago are not willing to sell.
Many who bought during the last bull market would still be underwater right now. After all, Bitcoin is still trading down nearly 60% from its November 2021 all-time high.
Bitcoin On-Chain Movements
Industry influencer Anthony Pompliano tweeted the data on April 10. In addition, he observed that nearly 29% of all Bitcoin in circulation has not moved in the past five years.
“That’s over $150 billion in market capitalization that hasn’t moved in half a decade,” he so.
Glassnode data also suggests that just under 15% of all Bitcoin in circulation has not moved in a decade.
That’s more than 2.7 million BTC 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 been pushed to an all-time high of 45.5 million.
“This suggests that the level of activity in the chain is improving,” it noted.
Furthermore, it reported that Bitcoin to exchange inflow volumes have just hit a monthly low. This also suggests that more holding and self-storage is taking place. High inflows to centralized exchanges often signal increased selling pressure.
The opposite can be the case when inflow volumes are as low as now.
BTC Price Outlook
Bitcoin prices rose a couple of percent during Asian trading on Monday morning. As a result, BTC lost a five-day high of $28,500 before falling back slightly.
At the time of writing, the asset changed hands for just under $28,300.
BTC has been consolidating in a tight range-bound channel for the past three weeks. Previous extended periods of consolidation have ended in a big move, and data from the chain has suggested a trend reversal to the upside this year.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
