Key Points:
- Approximately 29% of all bitcoins in circulation have not been moved for over five years.
- This suggests that a large portion of these unmoved assets may be lost coins.
- Bitfinex also reported that about 70% of BTC’s circulating supply has remained dormant for at least a year.
- The prolonged dormancy could be a result of lost coins or growing interest from investors who believe in Bitcoin’s long-term potential.
- The upcoming Bitcoin halving event in April 2024 is seen as a bullish sign and is leading to increased accumulation of BTC by crypto funds and investment firms.
Hot Take:
It is concerning that such a significant percentage of bitcoins in circulation have not been moved for a long period of time, indicating the possibility of lost coins. However, this could also be a positive sign of growing interest and confidence in Bitcoin as a long-term investment. The upcoming halving event is expected to further support Bitcoin’s value and scarcity, leading to increased accumulation by investors.