20.8 C
Manchester
September 21, 2020
Image default
Bitcoin

Glassnode: 61% of Bitcoins have not moved in 1 year

More than half of all existing Bitcoin supplies have not moved in the past 365 days

A percentage of 61% of Bitcoin’s circulating supply remained untouched for more than a year, reflecting the conditions that led to the last BTC bull run. According to data compiled by crypto analysis firm Glassnode, the amount of Bitcoins that remain inactive for a year or more has reached a historic high of 61.33%. The previous high was set at 61.28% on January 15, 2016, when the BTC price was still trading at $ 360.

“61% of Bitcoin has not moved in over a year.

This is the biggest increase ever. ”

Glassnode data shows that the last time Bitcoin hit a historic price record was following the slowest move so far in 2016, with the $ 20,000 rally taking place the following year.

“The last time we saw this amount of #Bitcoin that hadn’t moved in over a year, it was in early 2016 – preceding the $ BTC rise to $ 20k.”

Other community members are skeptical about the meaning of inactive Bitcoin addresses. Some pointed to the last dormant Bitcoin historic high that occurred almost two years before the $ 20,000 price spike, indicating that BTC may have months or more before starting another bull run.

Twitter user JosephCrypto highlighted the previous spikes for untouched Bitcoin in 2012 and 2014, with the latter failing to generate a bull run.

“Tweet accurate, but misleading. Note the last two times that the last active peak from the previous supply has been breached. In 2012, * directly preceded * the #BTC bullfight. In 2014, the fund * was not yet there * (!) And there was a long period of consolidation remaining before the bull run. ”

Source: CryptoGlobe

Related posts

There was an attack on the blockchain voting system in Russia | Blocksats

Aparnna Hajirnis

Bitcoin trade in China – despite the ban – may increase significantly – Blocksats

Aparnna Hajirnis

Goldman Sachs says the dollar could lose its reserve status – is Bitcoin the answer?

Anupreet Kaur

Leave a Comment