Over $124,700,000,000 in Bitcoin (BTC) is now ancient, according to analytics firm Glassnode
Nearly $125 billion worth of Bitcoin (BTC) are now considered “ancient” or untouched for at least seven years, according to leading blockchain analytics firm Glassnode.
Glassnode says that in Bitcoin’s entire history, only 8.3% of all coins that grow old have ever been minted.
Of the BTC that remain ancient, Glassnode says they could either be dormant or lost entirely.
“Since Bitcoin’s inception, only 4.25 million coins have achieved ancient (7+ year) stash status.
Remarkably, only 356,000 ancient coins were issued, accounting for 8.3% of the total ancient supply of all time, while 3.9 million (91.7%) coins are currently dormant or lost.”
Source: Glassnode/Twitter
The analytics firm also takes a look at its supply-per-whale metric, which looks at the average amount of BTC held by whales. It notes that the average BTC owned by whales has been relatively flat for several months, but that each whale, on average, owns a smaller and smaller percentage of the Bitcoin market cap.
“Following the recent spike in price action, bitcoin supply per whale has reached equilibrium and remains stable around the ~5,350 BTC/whale value.
But despite stable supply, the whale cohort’s share of market cap (46%) is declining.”
Source: Glassnode/Twitter
Glassnode also notes its delivery in the win/loss metric, which tracks the amount of coins sitting at a loss and at a profit. According to the company, the metric shows that market participants’ positions are increasingly in the green over time, suggesting that a sell-off event could be on the table.
“With the strong opening into 2023, the overall market has confidently transitioned from an unrealized loss regime to an unrealized gain regime, as shown by the sharp divergence between the supply held in profit and the loss. This increases the incentive to take profits.”
Source: Glassnode/TwitterDon’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
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