Bitcoin

61% of Bitcoin Hasn’t Moved in Over a Year: Glassnode

from Crypto Globe 3 years ago 0 0 1043

61.33 percent of bitcoin's circulating supply has remained unmoved for one year or more, according to Glassnode.

The rise in dormant bitcoin addresses mirrors the conditions leading up to bitcoin's bull run in 2017.

61% of bitcoin’s circulating supply has remained untouched for more than a year, mirroring the conditions leading up to the last BTC bull-run.

According to data compiled by crypto analytics firm Glassnode, the amount of bitcoin remaining dormant for one year or more has reached an all-time high of 61.33%. The previous high was established at 61.28 percent on Jan 15, 2016, when the price of BTC was still trading for $360.

61% of Bitcoin hasn't moved in over a year. That's an all-time high. pic.twitter.com/q9oYHYXdbc— Dan Held (@danheld) June 28, 2020

Glassnode data shows the last time bitcoin achieved an all-time high for unmoved bitcoin was in the lead up to 2017’s epic bull run, which took the price of BTC to $20,000.

The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 – preceding $BTC's bull run to $20k.https://t.co/lquCOcHXPX https://t.co/Hvf4lW72U6 pic.twitter.com/xGXYdqSewE— glassnode (@glassnode) June 28, 2020

Other community members are skeptical about the significance of dormant bitcoin addresses. Some have pointed to the last all-time high in dormant bitcoin occurring nearly two years before the price peak at $20,000, indicating BTC may have months or more before beginning on another bull run.

Twitter user JosephCrypto highlighted previous peaks for untouched bitcoin occurring in 2012 and 2014, with the latter failing to generate a bull run.

Accurate tweet but misleading. Look at the last two times the previous supply last active peak was breached. In 2012 it *did* directly precede the #BTC bull run. In 2014, the bottom *wasn't in yet* (!) and there was an extended consolidation period remaining before the bull run. pic.twitter.com/8S7zU1f7GT— Joseph (@josephcrypto) June 28, 2020