Data shows that Bitcoin holders are more powerful than ever

Data shows that Bitcoin holders are more powerful than ever


2021-03-22 21:11:59

– Advertisement –

Only 36% of the Bitcoin supply has been moved over the past six months, down from 50% in last year’s uptrend.

Bitcoin’s liquidity supply continues to decline as only 36% of the circulating supply has been moved on-chain in the past 6 months.

According to data shared by crypto data aggregator on the Glassnode chain on March 21, the 2017 bull market peak saw 50% of the supply of Bitcoin circulating within six. month earlier.

Data shows that some investors have been tempted to sell their Bitcoins at current prices, but the majority of Bitcoin whales are looking for a higher price when they realize that the current uptrend may remain. further development.

A comparison of the “age” of BTC moved on the chain could provide some insight into market sentiment. When the price hits new highs, it is natural that the old coins will be sold for a profit, but that trend looks to be decreasing – suggesting that investors want to keep their assets more.

The current supply of BTC is 18.66 / 21 million BTC, equivalent to 88.85%. However, there are some reports that about a fifth of all BTC has been lost or stolen, which means that the actual circulating supply of Bitcoin could be significantly lower, further reinforcing the scarcity. rarity of the property.

Glassnode’s data is shared by renowned crypto analyst Willy Woo, and the same day yesterday also recorded substantial on-chain activity while Bitcoin’s market cap was above $ 1 trillion.

With UTXO Realized Price Distribution (URPD) data, which tracks the results of Bitcoin’s unused transactions at different prices, Woo said:

This is a pretty solid price confirmation; the 1 trillion (capitalization) figure has been strongly supported by investors. I’d say we will probably never see (capitalize) Bitcoin below a trillion dollars again

URPDs are a way of discovering prices because they indicate the price when the coins last moved, assuming they were bought by investors.

However, Woo notes that on-chain Bitcoin movements do not always show positive trading, as exchanges regularly convert their digital assets internally.

Maybe you are interested:

#Data #shows #Bitcoin #holders #powerful

Leave a Reply

Your email address will not be published. Required fields are marked *