Unstoppable Bitcoin Is Becoming a Large Percentage of Total Supply

The number of Bitcoins that have not moved in ten years has reached an all-time high. Remarkably, that number is now even greater than the BTC balance held on cryptocurrency exchanges.

According to Glassnode data published by analysts on Feb. 28, the amount of Bitcoin unchanged for a decade or more is greater than that on cryptocurrency exchanges.

On-chain analyst Will Clemente reported the remarkable data, which he exclaimed was a “wild statistic”. The exchange’s current balance is around 2.25 million BTC, according to Glassnode.

Fellow analyst Will Woo said that there were 2.6 million Bitcoins that had not been moved in the last ten years. Furthermore, Chainalysis estimated that around 3.7 million coins were “lost” in a 2020 study.

So that unchanged number could increase to over 3.7 million BTC (over 19% of the current circulating supply) by 2030.

Unflappable Bitcoin Holders

The statistic is very optimistic for those who hold the asset, as industry expert ‘Byzantine General’ mentioned in the responses.

“This is very bullish for a hodler, but if BTC is used as a real currency I think you would want to see more velocity rather than accumulating.”

Clement too observed that during every bear market, short-term tourists and speculators leave. However, a growing number of Bitcoin network users remain around.

encryption and DeFi analyst Miles Deutscher analyzed Bitcoin’s price performance so far this year. He’s observed two consecutive green months (assuming there isn’t a major crash today). However, he cautioned that historically, March was the second worst performing month for BTC.

Capriole Fund founder Charles Edwards was bullish, predicting the start of another bull market. On February 28, he cited several reasons for this prediction. This included confirmation by various long-term technical indicators, on-chain activity and optimal halving cycle time. He also said that the macroeconomic climate is changing:

“We are approaching macroeconomic regime change. 2023 will likely see a Fed rate break and policy change. Rates decreased every time inflation it fell as fast as it has in the last half century.”

BTC price outlook

Bitcoin was trading at $23,402 at the time of writing, unchanged from the same time yesterday. Furthermore, BTC appears to be cooling off from its early 2023 rally, with a 5.6% drop last week.

BTC/USD 1 week – BeInCrypto

There is support at $23,000 and very little up to $22,000, a level not reached in the last two weeks. On the upside, strong resistance is at $25,000, a level tested and rejected four times in February.




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