Dormant Bitcoin spending slowdown recorded in 2022
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Answer Dormant Bitcoin spending slowdown recorded in 2022
On October 24, celebrate Bitcoin proponents The number of Bitcoin is growing and hasn’t moved in a year or more.
Glassnode reported that more than 60% of the bitcoin in circulation has not moved in a year or more.
It was also noted that the number of so-called “sleeper bitcoins” transferred in 2022 has slowed a lot since the bitcoin price surge at the end of 2021.
The same post showed that from January 2021 to September 2021, there were only 85 transfers of dormant bitcoins dating back to the 2011 period.
While the bitcoin price moved towards an all-time high of $69,000, “sleeper bitcoins” worth hundreds of millions of dollars were transferred in mid-November 2021.
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But this year, the number of “sleeper bitcoin” transactions dating back to 2010 was only 12, and the number of bitcoin transactions in 2011 was only 30.
Additionally, it has been nearly 64 days since the last sleeper bitcoin spend dating back to 2010 occurred on August 22, 2022.
However, there were a total of ten transactions for 2011 bitcoin, with two transactions expended on Tuesday, October 25, 2022.
It is worth noting that the conversion process here for Bitcoin does not necessarily mean spending or selling the currency.
In 2022 the number of bitcoin transactions going back to 2010 and 2011 was lower than the number of bitcoin transactions going back to 2020.
Recent data from Glassnode shows that more than 60% of bitcoin in circulation has not moved in a year or more, and lower transfers in 2010 and 2011 indicate that bitcoin holders are waiting for the bear market to end before transferring their old coins.
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