Analysis: Over 85% of Bitcoin in circulation hasn’t moved in three months or more
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Answer Analysis: Over 85% of Bitcoin in circulation hasn’t moved in three months or more
It seems that the recent rise in the price of Bitcoin has not sufficiently tempted long-term holders of Bitcoin to give up their possessions.
Recent data from Glassnode reports that the percentage of Bitcoin in circulation that has been held for at least three months has reached a record high of over 85%.
Bitcoin holders refuse to sell:
Citing data from the companyglassAnalyzing the blockchain, Chinese journalist Colin Wu explained the behavior and recent attitude of Bitcoin holders towards it.
The chart below shows the percentage of owners who have not moved their bitcoins.
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As there are addresses of wallets that have not moved bitcoin in more than ten years, the proportion of these wallets is 12.3%.
Similarly, those who did not transfer any bitcoin holdings between two to three years and three to five years are 10% and 12.26%, respectively.
Interestingly, the largest proportion of investors who refused to move their coins came from those who held bitcoin for six to twelve months at 19.5%.
In total, the proportion of bitcoins that have not been traded for three months or more is 85.14%, a new record.
This comes despite the Bitcoin price rally in this time frame.
For nearly three months, bitcoin has struggled at $30,000 or less.
Bitcoin has since nearly doubled in value, but investors seem to be expecting further increases and are refusing to get rid of their holdings just yet.
Increasing the number of bitcoin holders in the long term:
A while ago, we indicated in several articles on Arab Bitcoin that the circulating supply of Bitcoin in cryptocurrency trading platforms continues to decline, revealing the behavior of Bitcoin holders who prefer to keep their digital currencies rather than trade and sell them on exchanges.
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This trend appears to have intensified further.
Shows data fromglass“The supply of long-term coin holders continues to increase at record speeds between 13x and 15x.
The analytics firm concluded that these investors accumulate their coins 13 times faster than bitcoin miners.
Over the past seven months, “HODLing” behavior has dominated, with over 2.37 million bitcoins migrated across the short to long-term (~155 days) threshold.
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To put this in context, only 186,000 bitcoins were newly mined in the same period.
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