• According to Glassnode, the percentage of Bitcoin supply that was last active 5 or more years ago has risen to 29.14%.
• There is currently 5.67M BTC that have stayed dormant since 2017 or longer time ago.
• The percent of supply last active five years ago recently hit an all-time high of almost 30%.
Bitcoin Supply Last Active 5 Years Ago
Cryptocurrency data intelligence provider Glassnode estimated that approximately 29.14% of bitcoin’s circulating supply was last active five or more years ago. The total amount of the primary digital asset mined until now equals around 19.45M BTC, meaning that 5.67M BTC have stayed dormant since 2017 or longer time ago.
All Time Highs Reached
According to Glassnode’s figures , more and more long-term holders prefer to leave their bitcoin stash untouched instead of transferring or cashing it out. BTC Percent Supply Last Active 5+ Years, Source: Glassnode As observed on the chart, there were a few occasions when that percentage was spiking whenever bitcoin’s price stagnated for a continuous period of time. BTC’s relatively low volatility in the past few months and consolidation at around $29,000 could be one reason why that share had hit an ATH. The percent of supply last active five years ago was slightly above 20% at the start of 2022 and a mere 10% in 2016.
Number Of Addresses Holding Over 1 BTC
Separately, Glassnode revealed that the number of Bitcoin addresses holding over 1 BTC has also tapped an ATH. Currently, there are 1,012,954 such wallets, a tiny increase compared to the previous record set earlier this year at 1,011,617 addresses with over 1 BTC each in March 2021.
Long-Term Holders Prefer To Leave Bitcoin Stash Untouched
The rise in long term holders not selling their bitcoin suggests confidence among investors for its long-term prospects despite short term volatility and uncertainty surrounding its future price movements and regulation changes. This increased demand may lead to higher prices as buyers compete for scarce Bitcoins from those who choose not to sell their holdings even when prices drop significantly over short periods of time as seen in May 2021 when Bitcoin fell 30%.
Conclusion
This significant increase in supply held over longer periods suggests continued bullish sentiment among investors regarding cryptocurrency investments ahead despite recent market fluctuations caused by news events such as Elon Musk’s tweets and government regulations on cryptocurrency mining operations in China