5.9 C
Monday, March 27, 2023

Inactive Bitcoin Supply Nears Record; Over 60% Of BTC Remains Hoarded As Price Drops

- Advertisement -spot_imgspot_img
- Advertisement -spot_imgspot_img

According to on-chain data, a majority of Bitcoins (CRYPTO: BTC) have not been moved in at least a year. 

Crypto investors are holding on to their BTC despite Bitcoin’s performance. Long-term investors are adding to their positions or staying put on their BTC exposure.

At the time of reporting, over 60% of all Bitcoins have not moved in the last year. 

According to Glassnode’s HODL Waves indicator, as of Feb. 18, 60.61% of the BTC supply has not been transacted for a year or more.

One of the methods to analyze inactive bitcoins has been to group them by the length of time they have been inactive. This data analysis is called “HODL Waves” and it was pioneered by Austin, Texas-based Unchained Capital to display macroscopic shifts in bitcoin ownership and use. 

Also Read: Bitcoin, Ethereum, Dogecoin Drop Sharply Along With Other ‘Risk’ Assets — But Mines Are Buzzing Like Never Before

Short-term trends appear of little consequence for the majority of the Bitcoins in circulation. 

However, smaller investors have slowed their accumulation activities over the past week.

The analytics resource Material Indicators noted “rugs” of support disappearing above $40,000 immediately before Friday’s dip to two-week lows.

At the time of publication Bitcoin was trading at $40,103.85 down 0.27% in 24 hours.


- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img