New Record: Half Of Bitcoin Supply Hasn't Changed Hands In 2 Years

Bitcoin has experienced a bullish trend in 2022, which is reflected in the number of BTC held in storage. Savings or long-term storage of Bitcoin reached a new record in early February as holders anticipate a return to pre-2022 price levels.

49% Of Bitcoin In Long-Term Holdings

לויט דאַטן פון אַנאַליטיקס פירמע Glassnode, 49% of the total Bitcoin supply has stayed in the same wallet for more than two years. This is equivalent to more than 9.45 million Bitcoins or about $220 billion at the time of writing.

Glassnode האָט ווייטער דערקלערט דעם גאַנג מיט אַ גראַפיק וואָס ווייזט אַז די פריערדיקע שפּיץ איז געקומען אין די לעצטע פערטל פון 2020 און די אָנהייב פון 2021. דער שפּיץ איז געענדיקט בעשאַס די ביק מאַרק פון 2021 ווייַל האָלדערס אנגעהויבן סעלינג ווי די פּרייַז פון בטק איז אַרויף.

The graph shows a savings peak at the end of 2020 and a subsequent drop. Source: Glassnode/Twitter — The graph shows a savings peak at the end of 2020 and a subsequent drop. Source: גלאַסנאָדע / טוויטער

After the massive dip in the value of Bitcoin, the indicator dipped and remained stable for most of last year. This means that Bitcoin holders decided to wait for a price increase before moving their assets in the middle of the bear market.

However, this trend has changed since December, with a significant increase driven by the consistent rise in the value of Bitcoin. Currently, 49% of Bitcoins have not been moved in two years, and investors are biding their time as we face a new bullish cycle for BTC.

A Bullish Indicator For Bitcoin

The fact that investors have held steadfastly to their coins is a bullish indicator for Bitcoin and shows that there’s still a lot of confidence in the leading cryptocurrency.

Bitcoin is considered the primary market mover, and several institutions hold the asset on their balance sheet. It is also a legal tender in El Salvador and the Central African Republic, with several nations contemplating adding the digital currency to their list of national currencies.

BTC has also been used as a means of donation in the ongoing Russian-Ukraine war, and the latest bullish cycle could create more inroads for adoption. Since the beginning of this year, Bitcoin is up by about 38% and recently hit the $23,000 price mark for the first time since August 2022.

Long-term investors are likely preparing to take profits at higher levels as the price continues to hit new levels. Earlier in January, the amount of Bitcoin addresses in profit hit new levels, with 68% of addresses now in profit.

The percentage of addresses in profit in Bitcoin reached its highest level in the last 8 months. Source: Glassnode. — The percentage of addresses in profit in Bitcoin reached its highest level in the last 8 months. Source: גלאַסנאָדע.

די לעצטע מאָל דאָס איז געווען אין מיטן 2022, ווען די פּרייַז פון בטק איז געווען וועגן $ 40,000 און אין אַ שאַרף אַראָפּגיין. אַזוי עס איז אַ גאַנג וואָס מיר קען זיין אין פֿאַר אַן עקסטענדעד בוליש לויפן אין די קומענדיק חדשים.

פונדעסטוועגן, עטלעכע גלויבן אַז דער ערשטער פערטל פון די יאָר וועט זיין עדות צו אַ קאַנסאַלאַדיישאַן אין די פּרייַז פון בטק איידער אַ באַטייטיק פּרייַז בוסט אין דער צווייטער העלפט פון די יאָר. עס וואָלט זיין טשיקאַווע צו זען אויב דאָס איז אַ צייַטווייַליק פּרייַז נאָגל אָדער אַ הויפּט ביק לויפן.

פיטשערד בילד פֿון Unsplash.com/ טשאַרט פֿון TradingView און Glassnode.

Source: https://bitcoinist.com/new-record-half-of-bitcoin-supply-hasnt-changed-hands-in-2-years/