Glassnode: 65% of bitcoin’s total supply has not moved for at least a year

23% of the issue of the first cryptocurrency has not been moved for more than 5 years

07.08.2022 - 07:30

591

2 min

What’s new? According to a study by analytics firm Glassnode, 65% of bitcoin’s total issue (about 12,35 million BTC) has not moved for at least a year. Analysts’ data shows that 45% of the first cryptocurrency’s circulating supply (8,55 million BTC) has not moved in more than two years and 38% has not moved in more than three years. 4,37 million BTC, or 23% of the total issue, have been unmoved for more than five years, a figure approaching a new all-time high (ATH). As of August 6, 12:30 UTC, the asset is trading at $23 176, the first cryptocurrency fell in value by 0,89% in 24 hours, according to Binance.

Source: Glassnode.com

Glassnode’s data

Situation in the cryptocurrency market. Earlier, Anthony Scaramucci, the head of investment firm SkyBridge Capital, said that the worst part of the bear market is over. He believes that bitcoin is unlikely to drop below the $17 500 low it has already reached this cycle. Scaramucci also concluded that the fair market value of BTC is around $40 000.

On July 29, the total balance of bitcoin miners reached a 4-year high. In total, miners of the first cryptocurrency hold 1 845 303 BTC, which is 9,6% of the current issue of bitcoin. According to analytics firm Glassnode, the previous record was held on July 26, 2022, at 1 843 536 BTC.

Author: