Over $124,700,000,000 in Bitcoin (BTC) is now ancient, according to research firm Glassnode
Nearly $125 billion worth of Bitcoin (BTC) is now considered “old” or untouched for at least seven years, according to top blockchain analytics firm Glassnode.
Glassnode says that in the entire history of Bitcoin, only 8.3% of all coins that become ancient have ever been used.
Of the BTC that remain ancient, Glassnode says they may either be dormant or lost entirely.
“Since the inception of Bitcoin, only 4.25 million coins have reached Ancient Supply status (7+ years).
Remarkably, only 356,000 ancient coins have been used, equivalent to 8.3% of the total all-time supply, while 3.9 million (91.7%) coins remain dormant or are lost.”
The research firm also takes a look at the supply-per-whale metric, which looks at the average amount of BTC held by whales. It finds that the average BTC owned by whales has remained relatively static for several months now, but that each whale owns a smaller and smaller percentage of Bitcoin’s market value on average.
“Following the latest increase in price action, the Bitcoin supply per whale has reached an equilibrium, holding steady around a value of ~5,350 BTC/whale.
However, despite stability in supply, the share of the market value owned by the whale cohort (46%) is declining.”
Glassnode also notes the supply in the profit/loss metric, which keeps track of the amount of coins that are losing and profiting. According to the firm, the calculation shows that the market participants’ positions are more and more in the green as time goes on, indicating that a sell-off event may be on the table.
“With the strong opening to 2023, the aggregate market has safely moved out of an unrealized loss regime, towards an unrealized profit regime, shown by the sharp divergence between offers held in profit vs. loss. As this happens, the incentive to take profits grows.”
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Featured image: Shutterstock/Liu zishan/Vladimir Sazonov
