According to recent data compiled by the crypto analytics platform Glassnode, over 53% of Bitcoin’s circulating supply has remained inactive for the past two years, setting a new all-time high for this metric.

Checks by Investors King showed that nearly 29% of Bitcoin’s supply has not moved in the last five years, amounting to over 5.6 million BTC worth approximately $158 billion.

The data also revealed that around 2.7 million BTC estimated at $76 billion have not been touched in a decade.

Crypto influencer Anthony Pompliano noted that these inactive Bitcoin could either be lost or held by extremely disciplined investors.

The data has led some members of the community to speculate that those holding these Bitcoins bought them when the cryptocurrency was at an all-time high and are waiting for the right time to sell. As of April 10, 2021, Bitcoin was trading above $60,000.

Interestingly, the term “Bitcoin” has recently topped the list of most popular search terms in the United States, surpassing other trending keywords such as Donald Trump and Elvis Presley.

This surge in American interest in Bitcoin follows the announcement by the United States Federal Reserve about the launch of the FedNow payments system, set to be launched in July.

The instant payments platform is expected to facilitate faster and more efficient transactions.

The growing interest in Bitcoin and other cryptocurrencies is indicative of the public’s desire for alternative means of transacting value.

In conclusion, the data collected by Glassnode is a positive sign for Bitcoin as it suggests that the cryptocurrency is being held by long-term investors who are not easily swayed by market fluctuations.

As Bitcoin continues to gain mainstream adoption, we can expect its value to increase, making it a valuable asset for investors and individuals alike.

After obtaining a court order, the U.S. government is set to sell 41,500 Bitcoin. The United States government currently holds more than 205,000 BTC as of March 27, making it the largest holder of the world’s largest digital currency.

Investors King understands that most of the bitcoins owned by the United States were seized from cryptocurrency scammers. In November 2022, the U.S. government seized 50,000 Bitcoin, following the arrest and subsequent guilty plea of James Zhong. James Zhong was a hacker who manipulated transactions system to steal bitcoin. 

It would be recalled that out of the 50,000 bitcoin seized from James Zhong, the U.S. government sold 9,861 BTC for a total of $215 million on March 14, 2023.

With the latest court order, the United State government, therefore, noted that the remaining 41,490.72 BTC, which has a current value of $1.18 billion according to Bitcoin’s current price of $28,448, will be liquidated in four different batches this calendar year.

However, there has been a palpable fear that the sale of such an amount of bitcoin could significantly affect the price of the flagship cryptocurrency. Analysts believe the selling pressure can draw the price of bitcoin downward after showing an impressive ride since the beginning of the year. 

Since the beginning of the year, bitcoin is up by more than 70 percent despite a number of negative news such as the collapse of three crypto-friendly banks in the United States. 

It could be noted that bitcoin showed huge resilience amid the collapse of Silvergate Bank, Silicon Valley and Signature bank which shocked the U.S. banking system.

According to a report by Goldman Sach, the most capitalised cryptocurrency has so far emerged as the best performer in 2023, surpassing Nasdaq 100, gold, S&P 500, and other investment assets and sectors.

Investors withdrew 3,423 bitcoins from Binance immediately after the United States Commodity Futures Trading Commission (CFTC) sued the crypto exchange and its CEO Changpeng “CZ” Zhao for regulatory violations.

This saw a reduction in Binance’s total Bitcoin balance while other exchanges registered an increase within the period. 

Data from Coinglass shows that US-based crypto exchange, Coinbase, Bitfinex, OKX and Gemini saw a combined Bitcoin deposit of 1,032 as some investors worried about what may befall the Binance exchange. 

Investors King understands that Monday’s bitcoin withdrawal on the Binance platform constitutes more than 90% of the total withdrawals in the past seven days. A total of 3,915 BTC were withdrawn from the Binance platform in the past week. 

It would be recalled that the U.S. Commodity Futures Trading Commission (CFTC) alleged that the world’s biggest crypto exchange by trading volume is running unregistered securities and also tried to evade regulators by asking customers in the U.S. to use VPN. 

Binance’s compliance programme has been “ineffective” and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said. 

Responding to the development in a series of tweets, Binance CEO Changpeng Zhao (CZ) who was born in China and moved to Canada at the age of 12, called CFTC’s complaint “unexpected and disappointing”.

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterisation of many of the issues alleged in the complaint,” the crypto billionaire said. 

CZ however stated that the crypto exchange will collaborate with U.S. regulators to resolve all grey areas. 

Meanwhile, some crypto enthusiasts have expressed huge concern with respect to the offensive launched against crypto firms in the U.S. They observed that the renewed offensive is coming amid the collapse of some big banks in the United States.