The share of bitcoins that have not moved in the last two years has reached a record high of 53%. Morgan Creek Digital co-founder Anthony Pompliano drew attention to the data from Glassnode.
More than 1 out of every 2 bitcoin in circulation has not moved in the last 2 years.
We hit a new all-time high of 53% today. pic.twitter.com/W6GzopMAtu
— Pomp ? (@APompliano) April 10, 2023
The entrepreneur noted that for a five-year period the figure stands at 29%, and for ten years — just under 15%.
“More than 2.7 million BTC have been lost, forgotten, or are in the hands of the world’s most disciplined investors,” Pompliano said.
Some commentators suggested that many bitcoin holders bought the asset at prices above current levels and are waiting for a rise to exit at a profit. Two years ago, in April 2021, the cryptocurrency traded around $58,000 (CoinGecko). As of writing, quotes are near $28,300.
Pompliano questioned whether the majority of dormant bitcoins in recent years fall into this category.
Some people definitely fall into this category but doubtful that majority of the 53% are waiting to sell at some breakeven price.
— Pomp ? (@APompliano) April 10, 2023
Earlier, Timothy Peterson, an analyst at Cane Island Alternative Advisors, said that 6 million BTC have been permanently lost — about 31% of the 19.3 million coins mined.
In April 2020, Coinmetrics estimated that 2.3 million BTC of the 18.3 million BTC mined at the time were lost forever.
Earlier, Glassnode analysts noted that are prepared to hold the digital gold for a long period, despite the 2023 rally, and maintain belief in the long-term prospects for the cryptocurrency.
In March, on-chain metric dynamics confirmed a trend of recovery in the market, according to ForkLog’s analytical report.