- Over 50% of Bitcoin in circulation has not moved for at least 12 months.
- This shows investors are gradually turning strong hands.
Many people in the cryptocurrency space are gradually turning into long-term investors. Especially for Bitcoin (BTC), more than 50 percent of the coins in circulation haven’t been moved since the last 12 months. This trend points to bullish investor sentiment, just as more people are increasingly accumulating BTC.
54% of Bitcoin in circulation has been illiquid for one year
Bitcoin.org recently shared on Twitter that about 54.1 percent of Bitcoin in circulation hasn’t been moved or transferred since the past year. Crypto analyst and creator of LookIntoBitcoin.com, Philip Swift, shared similar data. He noted that up to 60 percent of Bitcoin in circulation hasn’t been moved on the blockchain for at least one year.
As per Swift, this indicates BTC investors are “significant hodl’ing.” Such a strong hodl wave was last at the beginning of the bull run in 2016.
Data from CoinMarketCap shows there is 18,769,087 Bitcoin in circulation, which means at least 10.1 million BTC – 54 percent – hasn’t moved since the last 12 months. It’s worth mentioning that this doesn’t take into account all the Bitcoin lost over the years. However, it does not negate the fact that there’s an increasing level of BTC accumulation and hodling.
Bitcoin whales bought 40,000 BTC in 10 days
On Tuesday, Cryptopolitan reported a strong rate of BTC accumulation amongst Bitcoin whales since the past month. Data from Santiment showed that BTC addresses with at least 100 to 10,000 BTC accumulated about 40,000 BTC and within a period of ten days, and also 130,000 BTC in about five weeks.
This momentum, if strong enough, can keep BTC on the uptrend. At the time of writing, BTC was trading at $40,064.