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HomeCrypto NewsMarketBTC Dormant Supply Reaches New All-Time High As 12.5 Million Bitcoin Remain Stagnant For More Than A Year

BTC Dormant Supply Reaches New All-Time High As 12.5 Million Bitcoin Remain Stagnant For More Than A Year

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Bitcoin Dormant Supply Over The Last Year Reaches New All-Time High.


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Glassnode asserts that we are still in a bear market. In a tweet on Monday, on-chain metrics and insight firm Glassnode highlighted that Bitcoin’s unspent supply over the last year had tapped a new all-time high of 12.589 million BTC representing nearly 66% of the supply, noting that the increased holding was typical of bear markets.

“The volume of Bitcoin supply that has remained unspent for at least 1yr has reached a new ATH of 12.589M BTC.

This is equivalent to 65.77% of the circulating supply.

Increasing dormant supply is a characteristic of Bitcoin bear markets,” the firm noted.

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It is worth noting that investors who are inherently bullish on an asset during long periods of market correction will prefer to hold on to the asset than sell at a loss. While this statistic reveals that we are in a bear market, it may also indicate that more investors are bullish on Bitcoin than ever before.

Notably, some users were confused as the insight by Glassnode appeared contradictory. For example, a user opined that reduced supply should indicate a bull market.

 

It bears mentioning that despite this insight by Glassnode, Bitcoin remains under significant selling pressure. As reported by The Crypto Basic yesterday, a whale sent over 200k BTC to exchanges, with CryptoVinco, formerly CryptoWhale, asserting that the whale is Michael Saylor’s MicroStrategy, despite a lack of conclusive evidence. Also, 5000 BTC, which has been dormant since 2013, was moved to Kraken on the same day. Additionally, on Saturday, it was revealed that miners sold over 4k BTC in 72 hours as mining profitability continued to plummet with an increase in Bitcoin difficulty.

Notably, should Bitcoin buckle under the selling pressure, it has a lot of room to fall. For example, Seasoned analysts like Peter Brandt, Justin Bennett, and Mac have all given room for the possibility of the asset finding a price base within the $10 to $12k price range. Meanwhile, CryptoQuant analysis last Friday indicated that the asset might need to drop by another 28% to the $14k price point to find a bottom around the Delta price.

Bitcoin is currently trading at the $19,827.72 price point, up 0.48% in the last 24 hours. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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