{"id":81368,"date":"2023-07-06T17:33:51","date_gmt":"2023-07-06T14:33:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81368"},"modified":"2025-09-11T22:26:05","modified_gmt":"2025-09-11T19:26:05","slug":"dormant-bitcoin-supply-hits-a-record-high","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dormant-bitcoin-supply-hits-a-record-high\/","title":{"rendered":"Dormant Bitcoin supply hits a record high"},"content":{"rendered":"<p>In June, the share of Bitcoin that had been inactive for more than a year rose to a record 70% of the coin&#8217;s total circulating supply, according to <a href=\"https:\/\/ark-invest.com\/wp-content\/uploads\/2023\/07\/The-Bitcoin-Monthly-June-2023.pdf\">ARK Invest<\/a> in its monthly report.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-07-06-v-16.27.49.webp\" alt=\"Snimok-ekrana-2023-07-06-v-16.27.49\" class=\"wp-image-210993\"\/><figcaption class=\"wp-element-caption\">Share of long-term Bitcoin holders. Data: ARK Invest.<\/figcaption><\/figure>\n<p>Analysts say the indicator signals confidence among hodlers and institutional investors in Bitcoin&#8217;s long-term prospects.<\/p>\n<p>For the month, Bitcoin closed at $30,460, up 11.9%. Analysts highlighted that the asset found solid technical support at its 200-week moving average, trading about 14% above it.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-07-06-v-16.30.16.webp\" alt=\"Snimok-ekrana-2023-07-06-v-16.30.16\" class=\"wp-image-210994\"\/><figcaption class=\"wp-element-caption\">Bitcoin&#8217;s 200-week moving average and the ratio of short-term holders. Data: ARK Invest.<\/figcaption><\/figure>\n<p>The amount of Bitcoin on over-the-counter markets also reached a new high, ending the quarter at 60% of the total supply. This suggests that companies and large investors are increasingly viewing the asset as a long-term investment, ARK Invest says.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-07-06-v-16.38.53.webp\" alt=\"Snimok-ekrana-2023-07-06-v-16.38.53\" class=\"wp-image-210995\"\/><figcaption class=\"wp-element-caption\">Bitcoin balance on over-the-counter markets. Data: ARK Invest.<\/figcaption><\/figure>\n<p>Analysts noted <a href=\"https:\/\/forklog.com\/en\/news\/gbtc-shares-jump-57-after-blackrock-bitcoin-etf-filing\">strengthening<\/a> of Grayscale Investments&#8217; GBTC positions. After <a href=\"https:\/\/forklog.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\">the filing of BlackRock&#8217;s application<\/a> to launch <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">an ETF<\/a> based on the first cryptocurrency, Bitcoin Trust quotes rose 57%, and the discount to <span data-descr=\"net asset value\" class=\"old_tooltip\">NAV<\/span> narrowed from 41.7% to 29.3%.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/opinion-blackrocks-etf-could-be-a-turning-point-for-bitcoin\">emphasised<\/a> that BlackRock&#8217;s filing could be a turning point on the path of digital gold toward institutional recognition.<\/p>\n<p>Experts also noted the stablecoins: the supply of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> has fallen by 37% since the start of the year, while the supply of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> has risen by 25%, reaching <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>.<\/p>\n<p>Despite the favorable indicators for Bitcoin, the firm warned of looming economic headwinds. Manufacturing data point to a slowdown in new orders. The US gross domestic product is contracting, suggesting a possible recession.<\/p>\n<p>Analysts at Block Scholes <a href=\"https:\/\/forklog.com\/en\/news\/experts-say-bitcoin-has-lost-correlation-with-the-us-stock-market\">said<\/a> Bitcoin&#8217;s correlation with the US stock market has weakened \u2014 the 90-day moving average of the correlation has fallen nearly to zero.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In June, the share of Bitcoin that had been inactive for more than a year rose to a record 70% of the total circulating supply.<\/p>\n","protected":false},"author":1,"featured_media":81369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1218,18,1268],"class_list":["post-81368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ark-invest","tag-bitcoin","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81368"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81368\/revisions"}],"predecessor-version":[{"id":81370,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81368\/revisions\/81370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81369"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}