Still Bitcoin is becoming a sizeable percentage of the total supply

The number of Bitcoins that have not moved in ten years has reached its highest level. Surprisingly, this number is now even higher than the BTC balance held on crypto exchanges.

According to Glassnode data released by analysts on Feb. 28, the amount of Bitcoin that hasn’t moved for a decade or more is larger than that on cryptocurrency exchanges.

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

Fellow analyst Will Woo said there were 2.6 million Bitcoins that have not moved in the last ten years. Additionally, Chainalysis estimated that around 3.7 million coins were β€œlost” in a 2020 study.

Therefore, that set figure could rise to over 3.7 million BTC (over 19% of the current circulating supply) by 2030.

Undeterred Bitcoin Holders

The statistic is very bullish for those who own the asset, as industry insider ‘Byzantine General’ mentioned in the responses.

“That’s pretty bullish for a hodler, but if BTC is ever going to be used as a real currency, I think it would like to see more velocity rather than hoarding.”

clement too noted that during each bear market short-term tourists and speculators leave. However, an increasing number of users of the Bitcoin network are staying.

crypto and DeFi analyst Miles Deutscher investigated Bitcoin’s price performance so far this year. He’s seen two consecutive green months (assuming there’s no big dip today). However, he cautioned that March has historically been 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 aforementioned several reasons for this prediction. These included confirmation of multiple long-term technical indicators, on-chain activity, and the optimal timing of the halving cycle. He also said that the macroeconomic climate was changing:

β€œWe are approaching a macroeconomic regime change. 2023 will likely see a Fed rate pause and policy change. Rates have been on a downward trend every time inflation it has fallen just as fast as it is today 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. Additionally, BTC appears to be cooling off from its early 2023 rally, down 5.6% over the past week.

BTC/USD 1 week – BeInCrypto

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




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