44% of Bitcoins in Circulation Have Not Moved for More Than Two Years

The number of bitcoins that haven’t moved in more than two years has reached 44% of the total circulating supply, according to data from analytics firm Glassnode.

Increased #Bitcoin investor HODLing behaviour:

The circulaing BTC supply that hasn’t moved in at least 2 years is now at 44% (8M $BTC) – a level we haven’t seen in over three years.

In the past year this metric has increased by 10 percentage points.https://t.co/IdwBYH0ld0 pic.twitter.com/mvzgGJVobm

— glassnode (@glassnode) August 24, 2020

Over this period 8 million BTC have sat in investor wallets unmoved. That level of “idle” cryptocurrency hasn’t been seen for more than three years.

Over the last year this metric has risen by 10 percentage points. The 44% level last peaked in late July 2017. The historical maximum at 47.36% was recorded in March of the same year.

On these grounds, analysts have suggested that this decline in investor activity could signal a forthcoming rally in the near term.

Earlier, the volume of bitcoins held on exchanges approached a minimum since November 24, 2018.

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