Cryptocurrency
‘Hodlers Are Insane’ — 64% of Bitcoin Supply Has Not Moved Since 2018
As Cointelegraph reports, “Over 60% of the total Bitcoin (BTC) in circulation has not left its wallet in more than a year, highlighting demand among investors. “That was the conclusion of analyst Rhythm, who uploaded statistics about Bitcoin network activity on Dec. 2. “Of the roughly 18.08 million Bitcoins which have been mined, 11.58 million — or […]
As Cointelegraph reports, “Over 60% of the total Bitcoin (BTC) in circulation has not left its wallet in more than a year, highlighting demand among investors.
“That was the conclusion of analyst Rhythm, who uploaded statistics about Bitcoin network activity on Dec. 2.
“Of the roughly 18.08 million Bitcoins which have been mined, 11.58 million — or 64% of the supply — has stayed in the same wallet since 2018.
“The figure is striking as during that time, BTC/USD expanded from $3,100 last December to 2019 highs of $13,800 just six months later.
“Subsequently, markets reversed downward, shaving 52% off the highs to reach local lows of $6,500 on Nov. 25.
“’Hodlers of last resort are insane,’ Rhythm summarized.
“According to the data, the amount of dormant BTC as a percentage of the total supply has sharply increased in recent years. The trend has remained intact during both bull markets and bear markets, signaling a desire among investors to save rather than spend regardless of profitability…”