The number of bitcoins that have not been in motion for 10 years has reached an all-time high. At the same time, it exceeded the volume of BTC placed on crypto exchanges.
According to the latest data from the Glassnode analytical resource, the number of bitcoins (BTC) that have not been in motion for 10 years or more has exceeded the number of bitcoins stored on cryptocurrency exchanges.
Popular on-chain analyst Will Clemente (@WClementeIII), co-founder of @ReflexivityRes, drew the attention of his Twitter followers to this statistic, which he himself called “wild”:
According to Glassnode, there are currently around 2.25 million BTC in bitcoin volumes on crypto exchanges. Meanwhile, crypto expert Will Woo noted in the comments to the post that about 2.6 million BTC have not moved in the last 10 years.
In addition, Chainalysis estimates in a 2020 study that approximately 3.7 million coins are considered “lost.” Accordingly, by 2030, the number of non-circulating bitcoins may exceed 3.7 million BTC (which is almost 20% of the current number of coins in circulation).
An industry expert named Byzantine General also joined the discussion on the data. He noted that the statistics presented are “very bullish for hodlers.” However, he added, “if BTC starts to be used as a real currency, we will want to see more movement of this asset instead of its accumulation.”
Earlier, Clemente also wrote that “short-term tourists” leave during every bear market, but the number of Bitcoin network users continues to increase, and this is a good sign:
Meanwhile, crypto analyst Miles Deutscher assessed BTC’s performance this year, noting that the first two months of 2023 were “green” for the coin (unless there is some kind of massive market crash at the close of the month today):
However, he cautioned, history shows that March has often been one of the worst months of the year for bitcoin. With the exception of 2013, the average return on BTC was -5.72% at the end of this month.
However, Charles Evards, founder of the Capriole Fund, is predicting the market will start a new bull run. He gave several arguments to support his prediction. So, he mentioned a number of on-chain activity indicators, numerous long-term technical indicators, and the optimal time within the halving cycle.
He also noted the changing macroeconomic climate. In 2023, the US Fed is likely to pause the rate hike cycle and change policy, he said.
Meanwhile, BTC is trading at the time of writing in the $23,500 area. Support is allocated at $23,000, and the next is only in the $22,000 area, which the market has not visited in the last two weeks. Strong resistance remains in the $25,000 area. In February, the bulls stormed it four times without success.
Source: bitcoinlinux.com
