According to the latest data from the analytical resource Glassnode, the number of bitcoins (BTC) that have not been in motion for 10 years or more has exceeded the number of bitcoins stored on cryptocurrency exchanges.
Popular on-chain analyst Will Clemente drew the attention of his readers on Twitter to this statistic, which he himself called “wild”:
According to Glassnode, currently the volume of bitcoin on crypto exchanges is about 2.25 million BTC. Meanwhile, crypto expert Willy Woo noted in the comments to the post that about 2.6 million BTC have not been in motion over the past 10 years.
In addition, according to Chainalysis estimates made in a study from 2020, approximately 3.7 million coins are considered “lost”. Accordingly, by 2030, the number of non-moving bitcoins may exceed 3.7 million BTC (which is almost 20% of the current number of coins in circulation).
An industry expert under the nickname Byzantine General also joined the discussion of this data. He noted that the statistics presented are “very bullish for hodlers.” However, he added, “if BTC starts being used as a real currency, we will want to see more movement of this asset instead of its accumulation.”
Earlier, Clemente also wrote that during the periods of each bear market, “short-term tourists” leave it, but the number of bitcoin network users still continues to increase, and this is a good sign.
Meanwhile, cryptanalyst Miles Deutscher assessed the dynamics of BTC this year, noting that the first two months of 2023 turned out to be “green” for the coin (unless there is no grandiose market collapse at the close of the month today).
However, he warned, history shows that March often turned out to be one of the worst months of the year for bitcoin. With the exception of 2013, the average yield on BTC was -5.72% at the end of this month.
Nevertheless, Charles Evards, the founder of the Capriole Fund, predicts the beginning of a new bull run for the market. He gave several arguments in support of his forecast. So, he mentioned a number of on-chain activity indicators, numerous long-term technical indicators and the optimal time within the halving cycle.
He also noted the changing macroeconomic climate. In 2023, the US Federal Reserve is likely to pause in the rate hike cycle and change policy, he believes.
Meanwhile, BTC was trading around $23,500 at the time of writing. Support is allocated at $23,000, and the next one is only in the $22,000 area, which the market has not visited in the last two weeks. Strong resistance remains around $25,000. In February, the bulls unsuccessfully stormed it four times.