Research Shows 65% of Bitcoin’s Circulating Supply Has Not Moved in At Least A Year

Since August 2021, the world’s most valuable cryptocurrency has been on a wild ride, going on a massive run from $47,000 to $68,990… Then experiencing “crypto winter,” falling to as low as $17,601.

Yet, even with this year of crazy volatility and a massive 66% drop from its all-time highs, 12.35 million BTC, or 65% of its circulating supply, hasn’t moved.

This means most BTC is still being held by HODLers, and being held tight.

Further, according to research from Glassnode, 8.55 million BTC, or 45% of its circulating supply, hasn’t moved in at least two years… And 7.22 million BTC (38% of circulating supply) hasn’t moved in 3 years.

Why is this Glassnode data important for Bitcoin?

Holding assets (and potentially accumulating more) through bear markets, rather than liquidating them, could be a strong sign that many in the market believe Bitcoin’s long-term value could be far greater than it is today.

While not necessarily a near-term bullish indicator, it does show that HODLers have a long view of Bitcoin and may not be interested in selling any time soon, regardless of market conditions.

But what are HODLers waiting for?

According to Changelly, a cryptocurrency exchange, Bitcoin’s average trading price could be as high as $124,508 in 2025. Changelly also says BTC may go as high as $137K that year, and reach an average price of $798K by 2030; peaking at $937,000.

For some perspective, that would be a 3,974% increase in Bitcoin price in a matter of just a few short years’ time. Is this what HODLers are waiting for?

Perhaps, but InvestAnswers has a prediction of their own.

They think that because of BlackRock’s recent announcement that it will offer BTC trading and custody services to institutional investors, BTC could soon rise 326% in the short term.

They say that “If BlackRock were to place 0.5% of its assets under Bitcoin management, BTC’s market capitalization would be affected by an increase of $1.05 trillion. This would add about $75,000 to Bitcoin’s price. BTC, which is in the $23,000 band, will make its way to about $98,000.”

That, they believe could be in the short term.

But…

A 5% allocation by BlackRock “… will quite easily push the price of Bitcoin to $773,000 in the next three to five years.”

Should any of these predictions ring true, HODLers are already positioned to be among the biggest beneficiaries.

Read more about Glassnode’s research, HERE

 

Source: https://cryptoslate.com/65-of-bitcoins-circulating-supply-didnt-move-in-the-past-year/