Bitcoin Whales, ‘Long-Term Hold’ continuing… Only 36% bitcoin movement over 6 months (www.blockcast.cc)
[Blockchain Today Reporter Ji-Hye Han] Over the past six months, the bitcoin supply movement rate was only 36%, lower than 50% in the last bullish season.
According to data shared by on-chain cryptocurrency data information company Glassnode on the 21st (local time), after the bitcoin market peaked in 2017, 50% of the bitcoin supply was circulated within the next six months.
Looking at this data, it can be seen that few long-term investors are willing to sell bitcoins at their current price point, which means that bitcoin whales are waiting for higher prices and the current surge can last much longer.
By comparing the on-chain movement in the BTC era, we can look back on the market sentiment. When the price reaches a new peak, it is natural for old coins to be sold for profit, but this trend seems to diminish. This means that investors want to keep holding their assets.
Currently, the supply of BTC is 18.86 million, 88.85% of the limit of 21 million. It is also known that about a fifth of BTC has been lost or stolen. This suggests that the supply of bitcoin in circulation may be quite small, which further increases the scarcity of assets.
Looking at the data of Glassnode shared by famous cryptocurrency analyst Willy Woo on the same day, Bitcoin’s market cap exceeded $1 trillion, showing vigorous on-chain activity. 7.3% of BTC’s supply changed ownership while the asset pulled out 13 digits of capital.
This data, showing UTXO Realized Price Distribution (URPD), tracks Bitcoin’s unconsumed transaction results at multiple price points.
“This is a very solid price verification,” said analyst Wu. The total amount of $1 trillion is already receiving strong support from investors, and it is unlikely that Bitcoin will fall below $1 trillion.” “URPD is a tool that finds the price by assuming that the investor has bought it and displays the last moving price of the coin.”
However, he pointed out that the online movement of Crying Coins does not always mean active trading, and exchanges internally move their digital assets regularly.
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