Bitcoin hodlers won’t give in
Data provided by on-chain analytics firm Glassnode shows that the amount of bitcoin (BTC) in circulation that has not moved in over the last 10 years has reached an all-time high of 2,612,163.979 BTC.
Glassnode data also shows that the percentage of the total supply of bitcoin that has not moved in at least five years has also reached an all-time high of 27.678%, and the amount that has not moved in over 2 years has also reached an all-time high of 48.551%.
This data suggests that a significant portion of the total supply of bitcoin is being held for long-term investment.
The fact that a large percentage of the supply has not moved in such a long period indicates that many investors are confident in the long-term potential of the cryptocurrency. Still, it is also hard to estimate how much of this bitcoin held on addresses the keys to which were lost when the cryptocurrency was in its infancy.
Additionally, data from today shows that a net of $40.8 million worth of bitcoin has been withdrawn from centralized crypto exchanges over the last 24 hours.
This suggests that crypto investors’ trust in centralized service providers continues to be low, and they are moving their funds to other forms of storage, such as a hardware wallet, where they are safe from hacks, fraud, and bankruptcies.
The findings follow recent data indicating that despite a rough 2022, many bitcoin holders are taking their funds off centralized exchanges and not selling them. In our recent analysis we also revealed the degree of decentralization and centralization in Bitcoin’s node infrastructure.
