Over $60,750,000,000 in Bitcoin Has Been Idle for More than a Decade: On-Chain Analyst Willy Woo
Widely followed chain analyst Willy Woo says millions of Bitcoin (BTC) have been untouched for the past 10 years.
Wow says his one million Twitter followers that more than $60.75 billion worth of Bitcoin has not moved since 2013.
“2.6 million coins right now haven’t moved in 10 years.
Chain analysis estimated that 3.7 million coins were lost (2020 study).
Let’s see if this is supported in a few years, and should climb to more than 3.7 million coins by 2030.”
Woo’s comments come as chain analyst Will Clemente highlighted that the number of Bitcoins that have been idle for over a decade now exceeds the amount of BTC in crypto exchanges.
“There is now more Bitcoin that hasn’t moved in at least 10 years than there is on exchanges. Wild state.”
Clemente also points out that over time, more and more market players are using the Bitcoin network.
“During every bear market, short-term tourists leave, but a growing number of Bitcoin network users stick around. This is the signal.”
Research firm Santiment is also looking at the trend of BTC being withdrawn from crypto exchanges. According to Santiment, the supply of Bitcoin and Ethereum (ETH) in crypto exchanges is decreasing at a rapid rate.
“The trend in crypto, especially since September, has been for coins to move rapidly to self-custody. This trend picked up after the FTX collapse. Regardless, with both BTC and ETH around five-year low exchange supplies, future sales will be limited.”
At the time of writing, Bitcoin is worth $23,216.
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