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bitcoin supply seven years btc
Nexo

Nearly 20% of Bitcoin Supply Hasn’t Budged In 7 Years

Tony Spilotro by Tony Spilotro
2 months ago
in Bitcoin
0

Bitcoin price is appreciating at full steam because the market consists of nothing but buyers at the moment. Those who already own the abundance of the currently circulating supply are holding strong and refusing to sell. However, data shows that nearly 20% of the entire circulating supply hasn’t moved in seven years. Are those coins held by the strongest holders yet, or are there other reasons the large share of BTC supply hasn’t moved in so long?

Almost 20% Of BTC Supply Hasn’t Moved In Seven Years Or More

Bitcoin is struggling to get back above $50,000 currently, but it might not be long before it does so. The available supply of BTC on cryptocurrency exchanges is at an extreme low, and what little supply is available is being bought by institutions at a rate of 13,000 BTC per week on Coinbase Pro alone.

Corporations are buying BTC by the thousands, planning to hold the volatile asset as an alternative to cash reserves at risk of inflation. Those that do buy into Bitcoin, typically do have a plan to hold for a set amount of time, or have a certain price in mind.

RELATED READING | BITCOIN TREND STRENGTH MORE POWERFUL THAN 2017, ONLY JUST BEGINNING

Most crypto believers and financial analysts who understand the asset’s digital scarcity expect the price per BTC to reach hundreds of thousands by the time the current bull cycle is over. With investors knowing this, they’re not selling at any price below it. Miners have been selling, but even that has begun to dry up.

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glassnode bitcoin hold waves

Bitcoin "HODL" Waves show how long the supply has been held for | Source: glassnode

Still, the ultimate goal with Bitcoin for most participants is to try to sell as close to each top as possible, taking as much profit as they can. That makes the holding threshold roughly four years or less.

However, data shows that as much as 17.87% of the circulating Bitcoin supply has been held for as long as seven years or more. But why?

Lost Bitcoin, Or The Strongest Holders Crypto Has Ever Seen?

At some point during that time, the cryptocurrency would have gone through two bear and bull cycles, and appreciated from $1,000 or lower to now $50,000 per coin.

RELATED READING | COINBASE CONSIDERS BITCOIN CREATOR A RISK TO BUSINESS, HERE’S WHY

Perhaps those holding these coins are poor at timing the top, and end up getting stuck holding on the way down. Maybe they’ve got a long term plan or price point in mind, and after seven years it still hasn’t been reached.

bitcoin btc supply coins

Anyone holding seven years or longer bought before that line | Source: BTCUSD on TradingView.com

The most likely answer, however, is that these coins are lost – forever. A sizable portion of those holding seven years or more, have actually been at it ten years or more. The longer the coins have been held, the more likely the chance they’re locked away and inaccessible.

Even Satoshi’s coins, spread among wallets said to contain more than 1M BTC, haven’t moved in that long and could be gone forever. In the rare event that the coins are still accessible, after seven or more years of price appreciate, are bound to be worth a fortune.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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