BTC Supply of Last Active Time 5-7 Years Reaches New High

02/21/2023 19:17 • Metaverse Matters • 174 views

According to reports, Glassnodes data shows that the supply of BTC with the last active time of 5-7 years has just reached 1612189.628 BTC, a new five-year high.

BTC’s last active 5-7 years of supply hit a 5-year high

Interpret the above information:

Glassnodes, a blockchain analysis and intelligence platform, has reported that the supply of Bitcoin (BTC) with the last active time of 5-7 years has reached a new high of 1,612,189.628 BTC. This indicates that a significant number of BTC holders have not engaged in any transaction for the past 5-7 years.

A dormant supply of BTC can be interpreted in different ways. Some speculate that the holders of these coins might have lost their private keys or forgotten about their BTC investment altogether. On the other hand, there are holders that intentionally keep their BTC dormant as a long-term store of value, considering it a safe-haven asset. This principle is similar to gold investors that hoard gold with the hopes of profiting when the value of gold increases.

Another way to interpret this data is through Bitcoin’s halving event, which is when the reward for mining is reduced by half. During past halving events, the price of BTC has increased exponentially, and long-term holders of BTC have been known to sell after a significant price increase. Therefore, the increase in dormant BTC supply could potentially indicate that long-term holders are preparing for another potential price surge after the upcoming halving event in 2024.

Furthermore, this increase in dormant BTC supply could also represent that there is a progress of BTC adoption. More specifically, it implies that people are buying and holding BTC for extended periods rather than trading and selling it. This trend is a positive sign that people are now recognizing BTC as a store of value and not only as a speculative asset.

In conclusion, Glassnodes’ data indicates that the supply of Bitcoin with a last active time of 5-7 years has reached a new high, implying a significant number of BTC holders have not traded or lost their private keys. Although this situation can be interpreted in various ways, it serves as a crucial indicator of trends surrounding Bitcoin adoption and investment strategy.

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BTC Supply of Last Active Time 5-7 Years Reaches New High

BTC’s last active 5-7 years of supply hit a 5-year high

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