digital gold? Bitcoin supply share, which has been untouched for two years or more, reaches a new record

Despite the early gains of 2023, Bitcoin (BTC) is still trading under the bullish trend of 2021, a factor that is likely to affect supply. However, the new data indicates that the extended bear market has not had a significant impact on Bitcoin supply.

Notably, a record 48.25% of all bitcoins have not been moved or executed in more than two years, according to data From a cryptanalysis company glass knot which is divided by Bitcoin document.

A share of the original bitcoin chart. Source; glass knot

It is worth noting that the amount of static Bitcoin is determined by the amount of BTC that has remained illiquid from wallets during a certain period compared to the total supply. However, the latest record is moving against the course of the cryptocurrency price.

Include virgin bitcoin

Notably, with about half of bitcoins remaining intact, it can be interpreted in several ways, such as building momentum for the asset to become digital gold and, in turn, a store of value. This is an important development for Bitcoin and the general cryptocurrency market, as it indicates an increasing level of confidence and long-term stability among investors.

At the same time, the data indicates that investors choose to hold the asset despite the different phases of market price movements. For example, it was assumed that with Bitcoin hitting an all-time high in 2021, most Bitcoin holders would choose to cash out.

Interestingly enough, the bear market has presented an opportunity for long-term believers to buy the dip.

Meanwhile, the Bitcoin Gap coincides with a period when the asset has seen increasing institutional adoption. Institutions got into Bitcoin with a long-term goal, which has partly been helped by the asset’s increased valuation.

But the loss of bitcoin can also contribute to stock volatility. In some cases, investors can no longer access their bitcoins due to the death of the owner or the loss of access to the private keys.

Bitcoin price analysis

Bitcoin is currently targeting $21,000, trading at $20,949 at press time, with a gain of around 0.5% over the past 24 hours. Assets enjoyed a one-week rally, recording more than $70 billion in capital inflows.

Seven day bitcoin price chart. Source: Coinphony

Finally, illiquid bitcoin could hint at what to expect in terms of price movements. In particular, if an asset remains immobile for an extended period of time, the market may experience some stabilization as it sells or trades signals to increase the chances of volatility.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

What’s next for digital gold? Bitcoin Supply Share Unchanged For Two Years Or More, A New Record Has Debuted On Coinphony.

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