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.
