Bitcoin (BTC) investors show no intention of selling their coins at current price ranges as 13.42 million BTC is still flat in Bitcoin addresses as of August 2022. Additionally, just 1.14k BTC was sent to exchanges this week, a month low. The data comes from CryptoQuant or Glassnode.
“It is amazing to observe that 69.2% of the total bitcoin supply has remained dormant for more than a year,” says Onchained, a verified on-chain analyst at CryptoQuant. “This underscores holders’ strong belief in Bitcoin’s long-term value, despite the cryptocurrency market’s notorious volatility.”
With 19.45 million BTC in circulation, the “still” supply accounts for a market cap of nearly $400 billion, surpassing the total market cap of cryptocurrencies excluding Bitcoin and Ethereum — which is around $340 billion.
The CryptoQuant insight also provides the percentage of inactive bitcoin 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).
Supply of Bitcoin inactive for a year (Onchained / CryptoQuant)
Bitcoin exchange inflow volume hits lowest level in a month
For all bitcoins sent to exchanges – which usually indicates an intention to sell their coins – Glassnode data recorded a monthly low at the 7-day moving average (7-day MA). Contribution to the idea that “HODLers become HODL”.
Only 1,138,299 BTC have been deposited to well-known exchange addresses in the last seven days. The lowest reading so far comes from July 25 at 1,139.911 BTC as “exchange inflow volume on the 7d MA.”
A Bitcoin HODLer is a long-term investor. The meme circulated years ago on the oldest online Bitcoin forum, bitcointalk.org, after a user misspelled the word “hold” for “hodl.” It is considered part of the Bitcoin culture, like the laser eyes that hold some profile pictures on X (formerly Twitter).
Bitcoin price from Finbold
Sentiment is looking positive on the latest data as more investors seem willing to hodl their coins with Bitcoin priced at $29,233 at press time.
Disclaimer: The content of this website should not be construed as investment advice. Investing is speculative. When you invest, your capital is at risk.
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