70.35% Of Bitcoin Supply Stays Unmoved
A record 70.35% of Bitcoin’s circulating supply has been inactive for over a year, surpassing the previous high of 69.35% in July, according to blockchain analytics firm Glassnode.
This data demonstrates Bitcoin holders’ strong belief in the currency’s value despite market challenges. One-year holdings are at all-time highs, and holdings that have not moved in two, three, or five years are at all-time highs.
Long-term investors are holding onto their Bitcoin, despite its price more than doubled to $37,000 this year. Reflexivity Research reports suggests that while greater prices could lead to selling, Bitcoin owners appear unwilling to do so anytime soon. The figures may not accurately represent the market reality, as Bitcoin is pooled and held in ETFs, rendering it inactive.
(With inputs from Shikha Singh)
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