Three quarters of all Bitcoin have been dormant for 6 months or more
Three-quarters of all Bitcoin (BTC) has not been moved for at least six months, on-chain data shows.
Data gathered from blockchain analytics platform Glassnode by Cointelegraph shows that around 74% of all Bitcoin has not moved for at least six months. This is particularly notable considering that BTC’s price has fallen 21% from its all-time high.
As ReadWrite reported last week, Bitcoin recently fell below $58,000 dropping 5.35% within hours to a low of $56,600. At the time of writing, CoinMarketCap data shows that BTC trades just under $58,500 after dropping 2.8% from a price of $60,200 reported 24 hours ago.
This data shows that Bitcoin investors are increasingly holding on to their assets for longer and longer, not selling despite short-term drawdowns. Long-term holding is practically equivalent to taking BTC off the circulating supply — translating to a more favorable supply-demand equation. To put it simply, it makes Bitcoin appreciation more likely to take place.
Not everyone is bullish on Bitcoin
Onchain analyst James Check noted in an Aug. 19 X post that “over 80% of #Bitcoin Short-Term Holders are underwater, meaning their coin was acquired at a price above the current spot price.” He further highlighted:
“This is similar to 2018, 2019, and mid-2021 which signaled many investors were at risk of panicking and precipitating a bearish trend.”
The Crypto Fear & Greed Index backs Check’s remarks. The current score is 28, indicating that fear is currently driving the cryptocurrency market.
This score is determined 25% by volatility, 25% by market momentum and volume, 15% by social media, 15% by surveys, 10% by dominance, and 10% by search trends data by Google Trends. The website explains that the index’s purpose is to help traders gauge the emotional state of market participants and attempt to save themselves from “emotional overreactions.”
CoinMarketCap’s global charts show that the total crypto market cap fell from $2.12 trillion down to $2.07 over the last 24 hours. This translates to $50 billion leaving the market, lowering the total market cap by over 2.35%.
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