Nearly half of Bitcoin in circulation has not moved in two years

Retail investors are likely buying up supply to hedge against economic downturns

Over 60% of the Bitcoin supply has not been moved in over a year, data has shown.

According to on-chain analytics provider Glassnode, 42% of Bitcoin supply has remained in wallet addresses for the past two-plus years.

While Bitcoin’s price has failed to conquer $10.5k after several attempts this year, the data suggest holders of Bitcoin have looked at the cryptocurrency as a hedge in the wake of economic turmoil and market downturns.

Coinbase 4

Glassnode has also compiled data showing that a further 28% of the circulating supply has not moved in over three years.

Bitcoin seeing an influx of retail investors

Bitcoin’s price struggles below $10k in 2020 have also not been helped by the entry of new retail investors. The slip this week to lows of $8,900 has coincided with an influx of retail traders keen to make an entry into the cryptocurrency market.

According to on-chain data, the Bitcoin network has witnessed an increase in new wallet addresses. As per the statistics, the number of wallets that now hold at least 0.1 bitcoins (worth about $941 at prevailing prices), has topped three million.

Nearly half of Bitcoin in circulation has not moved in two years 1
Fig 1: Retail interest in Bitcoin is at a record high according to this chart. Source: Glassnode

Notably, Glassnode data also shows that the number of Ethereum addresses holding at least 0.1 Ether recently surpassed the three million mark. The growth represented a healthy 10.9% increase in 2020.

In an interview with Bloomberg TV recently, Kraken CEO Jesse Powell attributed the increase in accounts to “hedge funds, wealth managers, retail investors, and day traders.”

He added that the crypto space has “seen people taking their stimulus checks and rolling them into Bitcoin.”

Bitcoin price

Bitcoin has slipped 0.3% as of writing, with the S&P 500 and other major stock indexes posting similar losses on the day. The S&P 500 is down 0.06% and the Dow -0.07% on the day.

The correlation, if it holds, suggests that a bull run for the stock market could see Bitcoin post similar rallies to what was seen in March, when crypto fell and rose in tandem with stocks.

Nearly half of Bitcoin in circulation has not moved in two years 2
Fig 2: chart showing comparison of Bitcoin and S&P 500. Source: TradingView

However, since then, the stock markets are up 44% and 48% for S&P and the Dow respectively. With markets turning green, a flip to a bull market would also see major upsides in Bitcoin — which has surged over 140% since the March 12 lows of $3,800.

The Bitcoin price index is at $9,411 at the time of writing, as shown on Coin360.com

Nearly half of Bitcoin in circulation has not moved in two years 3
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 38,200.00
ethereum
Ethereum (ETH) $ 2,505.86
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 323.92
cardano
Cardano (ADA) $ 1.34
xrp
XRP (XRP) $ 0.704769
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.197108
polkadot
Polkadot (DOT) $ 17.50
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 38,200.00
ethereumEthereum (ETH)
$ 2,505.86
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 531.88
litecoinLitecoin (LTC)
$ 137.74
bitcoinBitcoin (BTC)
32.148,13
ethereumEthereum (ETH)
2.108,87
tetherTether (USDT)
0,849990
bitcoin-cashBitcoin Cash (BCH)
447,62
litecoinLitecoin (LTC)
115,92
bitcoinBitcoin (BTC)
27,494.64
ethereumEthereum (ETH)
1,803.61
tetherTether (USDT)
0.726953
bitcoin-cashBitcoin Cash (BCH)
382.82
litecoinLitecoin (LTC)
99.14

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,243 0.87 % 0.83 % 2.13 %
Ethereum2,512.0 0.92 % 0.65 % 9.57 %
Tether1.010 0.28 % 0.34 % 0.10 %
Binance Coin324.00 0.40 % 0.56 % 3.35 %
Cardano1.350 1.02 % 3.67 % 5.68 %
XRP0.7074 0.83 % 1.02 % 10.14 %
USD Coin1.000 0.04 % 0.27 % 0.09 %
Dogecoin0.1971 0.56 % 0.77 % 3.62 %
Polkadot17.51 1.24 % 1.52 % 22.24 %
Binance USD1.000 0.23 % 0.56 % 0.33 %

bitcoin
Bitcoin (BTC) $ 39,069.00
ethereum
Ethereum (ETH) $ 2,611.72
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 329.22
cardano
Cardano (ADA) $ 1.37
xrp
XRP (XRP) $ 0.721184
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.199489
polkadot
Polkadot (DOT) $ 18.49
binance-usd
Binance USD (BUSD) $ 1.00