According to on-chain analytics provider Glassnode, it appears that the trend of Bitcoin accumulation and holding remains prevalent. Investors are displaying reluctance to sell, resulting in an increase in dormant assets. In fact, data indicates that over half of the Bitcoin, supply is currently inactive, meaning that the coins have not moved for at least two years.
The Dormancy of Bitcoin
The percentage of Bitcoin supply that was last active more than two years ago has reached an all-time high of 53%. This is a significant increase from the previous levels of around 45% that we saw for almost two years. This trend implies that those who purchased Bitcoin more than two years ago are unwilling to part with their holdings.
It is worth noting that some investors who acquired Bitcoin during the previous bull market may still be underwater, given that Bitcoin is currently trading down almost 60% from its all-time high in November 2021.
Intriguing Data on Bitcoin
On April 10th, the well-respected industry influencer Anthony Pompliano shared some intriguing data on Bitcoin. According to his findings, almost 29% of all Bitcoin in circulation has remained stagnant for the past five years.
Even more astonishingly, Glassnode data reveals that almost 15% of all Bitcoin in circulation has not moved in a decade. This means that there are over 2.7 million BTC lost or forgotten, or held by the most disciplined investors in the world.
Interestingly, Glassnode also reported that the number of non-zero Bitcoin addresses had recently hit an all-time high of 45.5 million. Additionally, they noted that Bitcoin to exchange inflow volumes had reached a monthly low. Such data suggests that more individuals are opting to hold and self-custody their Bitcoin, rather than exchange it.
BTC Price Overview
In the course of Asia’s Monday morning trading session, Bitcoin prices underwent a slight upswing by a few percentage points. This resulted in BTC reaching a five-day high of $28,500, albeit briefly, before retracting some of its gains. At present, the cryptocurrency is trading at just under $28,300 on exchanges.