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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Long-Term Bitcoin Holders Keep The Faith: 40% Supply Remains Untouched For Over 3 Years

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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A recent report from Bitfinex has shed light on a trend in the Bitcoin market. The report shows despite the unpredictability of the crypto market; long-term Bitcoin holders appear to be playing the patience game, signaling a buoyant outlook on the digital currency.

This resilience and sense of optimism come to the fore as Bitfinex’s Alpha report reveals roughly 40% of Bitcoin’s total supply has remained untouched for over three years, marking an all-time high.

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Bitcoin Dormant Supply Hits Record Highs

The latest Bitfinex report illuminates that about 40% of Bitcoin’s supply has not witnessed any movement for more than three years. Based on the Coin Days Destroyed metric, the findings further highlight that this portion of the BTC has remained inactive on-chain.

Analysts at Bitfinex, in a note, deduced that this pattern highlights a prevailing mood of confidence, hinting at possible stability in the face of usual market fluctuations. The analysts noted:

This behavior insinuates a broader sentiment of optimism and potential resilience against market volatilities.

It is worth noting that such a trend can be interpreted as a clear indication that long-term Bitcoin enthusiasts are maintaining a bullish perspective.

Contrasting Metrics: Narrower Timeframes Hint At Bearish Sentiments

While the three-year metric paints a promising picture of enduring confidence, the picture is slightly different when the lens narrows to a one-year timeframe. Within this shorter period, the inactive supply metric points towards a bearish sentiment, hinting at potential price drops.

Bitfinex’s report stated: “Our analysis indicated that movements on this timeframe preceded the price drop.” A case in point is the sudden major Bitcoin fall on August 17, which led to the loss of roughly over $1 billion in liquidations.

This crash plunged BTC’s value momentarily to the $25,000 zone. The analysis by Bitfinex suggests that this crash can be attributed, in part, to the “newer” long-term holders.

According to the report, these individuals, who secured their positions during the bear market, are now experiencing a sense of “unease without succumbing to panic.”

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BREAKING: Grayscale Triumph: SEC Crushed, GBTC Rockets Towards ETF, Bitcoin Targets $28,000

1 year ago

Meanwhile, following the conclusion of the legal battle between the US Securities and Exchange Commission (SEC) and crypto asset manager Greyscale, in which the latter emerged victorious, Bitcoin experienced a notable surge.

Bitcoin’s (BTC) price chart on TradingView
Bitcoin’s (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

BTC is trading above $27,000 when writing and marking a 5.2% increase in the past 24 hours. This news is especially significant considering BTC was hovering just below $26,000 and moving sideways before the announcement.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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