Half Of The Bitcoins Haven’t Been Touched In The Last 2 Years
On Tuesday, renowned crypto analyst “Documenting Bitcoin” unveiled a new analysis that indicates half of all Bitcoins (9.64 million BTC worth $86.4 billion) have been left untouched in wallets for the past two years out of the 19.28 million total coins available on the market today! Referred to as unmoved BTC, this data is determined by calculating how much cryptocurrency has stayed stagnant inside its holders’ wallets versus its entire supply at any given time. This might show us that cryptocurrency is started to be used as a store of value.
Institutional Investor’s Interest in Bitcoin Increases Prices
The data reveals that 50% of all Bitcoin has stayed within its wallet for two years. This timeframe also saw a rise in adoption by institutional investors, who bought vast amounts of Bitcoin and held onto it for long-term investment objectives without planning to sell. By doing so, they have helped propel the value of this cryptocurrency even higher.
Even when the Bitcoin price hit its record high of $69,000 in November 2021, most investors chose to hold onto the coin for the next two years despite frequent changes in value. This is because institutions see cryptocurrency as having a lot of potential for growth in the long run and have been investing more money into it even though the market has been struggling recently.
Last November, data revealed that an astonishing 62% of all institutions had increased their cryptocurrency holdings in the prior 12 months. Interestingly enough, only 12% indicated a decrease in exposure to digital assets – signaling bullish sentiment and confidence amongst investors in cryptocurrencies long-term despite prices falling. For those who stick around during the “crypto winter,” this provided an excellent opportunity to buy at dip levels!
New Data Indicates That Bitcoins Used As A Store Of Value
Over the last two years, it is evident that investors have become increasingly trustful of Bitcoin as its store of value continues to grow. This trend implies that half of Bitcoins remain untouched for a long time, making it similar to gold -a virtual asset used to protect against inflation and other economic crises. Such confidence in a digital currency is essential to create stability within the Bitcoin ecosystem.
Bitcoin stands strong with a fixed supply of 21 million BTC, fueling an ever-growing demand. This bullish fundamental has been driving up the cryptocurrency’s value at a remarkable rate – it currently trades for more than 30% higher than it did this year! Currently valued at $23,011 and boasting 24 billion in trading volume over the last 24 hours alone, Bitcoin towers above its competition as the most prominent digital asset with a market cap of an incredible $443 billion (as reported by Coinmarketcap).