Bitcoin (BTC) investors are showing no intention to sell their coins at current price ranges, as 13.42 million BTC remains stagnant in Bitcoin addresses since August 2022. Furthermore, only 1.14 thousand BTC were sent to exchanges this week, accounting for a 1-month low. Data is from CryptoQuant and Glassnode, respectively.
“It is astonishing to observe that 69.2% of the total Bitcoin supply has remained inactive for more than a year”, says Onchained, a verified on-chain analyst on CryptoQuant. “This underscores a strong conviction among holders regarding Bitcoin’s long-term value, despite the notorious volatility of the cryptocurrency market.”
With a circulating supply of 19.45 million BTC, the ‘unmoved’ supply accounts for close to $400 billion in market capitalization, surpassing the total cryptocurrency market cap excluding Bitcoin and Ethereum — of around $340 billion.
The CryptoQuant insight also brings the percentage of Bitcoin’s inactive supply for two, three and five years:
- Two years: 55.7% (10.83 million BTC);
- Three years: 40.1% (7.80 million BTC);
- Five years: 29.1% (5.66 million BTC).
Bitcoin exchange inflow volume reaches 1-month low
As for all the Bitcoin being sent to exchanges — usually indicating an intention to sell their coins — Glassnode data registered a monthly low on the 7-day moving average (7d MA). Contributing to the idea that “HODLers gonna HODL”.
In the last seven days, only 1,138.299 BTC were deposited to known exchange addresses. The lowest value so far was from July 25, for 1,139.911 BTC as “exchange inflow volume on the 7d MA”.
A Bitcoin HODLer is a long-term investor. The meme surged years ago in the oldest Bitcoin online forum, bitcointalk.org, after a user misspelt the word ‘hold’ for ‘hodl’. It’s considered part of the Bitcoin Culture, like the laser eyes held by some profile pictures on X (former Twitter).
The sentiment looks positive with current data, as more investors seem to be willing to ‘hodl’ their coins with Bitcoin priced at $29,233 by press time.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
