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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?

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

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A popular crypto analyst called “Documenting Bitcoin” released fresh data on Tuesday showing that half of all Bitcoin (meaning 9.64 million BTC worth $86.4 billion) have not been moved for the last two years.

At the time of writing, there is 19.28 million BTC in circulation, and the number of untouched coins represents about 50% of the current supply. Unmoved BTC is determined by how much of the cryptocurrency has remained illiquid inside its holders’ wallets over a given period compared to its total supply.

Institutional Demands Driving Up BTC Price            

The data shows that 50% of the Bitcoin in circulation has remained intact within its wallet for two years. This coincides with a period in which the digital asset saw increased adoption by institutional investors. Institutions have been purchasing large amounts of Bitcoin and holding it for long-term purposes without the intent to sell. This has helped to increase the valuation of the cryptocurrency.

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Bitcoin and Ethereum Whale Activities Plummet – Are Whales Getting Bored?

1 year ago

Though the Bitcoin price hit its all-time high of $69,000 in November 2021, most investors have opted to hold the coin for the last two years despite price swings. Institutions continue to see the long-term potential of the cryptocurrency and have been increasing their allocations despite the sector going through a severe bear market.

Data released last November showed that 62% of institutions invested in cryptocurrency had increased their holdings over the previous 12 months. The survey indicated that only 12% of institutional investors had reduced their crypto exposure, meaning that most institutions have remained bullish on cryptocurrencies long-term despite prices dropping. Of course, the crypto winter presented an opportunity for long-term users to buy the dip.

Half of Bitcoin has remained unmoved for two years, implying that the virtual asset is becoming a store of value, a digital version of gold used by people to hedge against inflation. This is an essential development for the Bitcoin ecosystem as it signals a growing level of long-term confidence and stability among investors.

Bitcoin has a maximum of 21 million BTC. This fixed supply supports an ever-rising demand that continues to operate as a long-term bullish fundamental for the cryptocurrency.

Bitcoin Price Action

Looking at the price chart below, Bitcoin was trading at around $50,000 in December 2021. However, at the beginning of 2022, things started falling apart. In January last year, its price fell below $42,000.

Bitcoin (BTC/USDT) price chart on TradingView
Bitcoin’s (BTC) price is moving sideways on the 1-week chart. Source: BTC/USDT on TradingView.com

In May, the crypto was trading at about $39,000, with a sudden plunge to $29,000. June was when the crypto asset fluctuated its price between $19,000 and $20,000. November was when the BTC price dropped to the $16,000 level, and since then, the crypto has managed to rally on the back of better macroeconomic ties. 

Related Reading

Bitcoin (BTC)

Bitcoin Surges To $23,000 As Miners Sales Sees Multi-Year Low

1 year ago

So far, Bitcoin has soared its value by about 30% this year. The cryptocurrency currently trades at $23,011, up 0.43% in the last 24 hours, with a trading volume of $24 billion. The digital asset is ranked the most prominent cryptocurrency, with a market cap of $443 billion, according to Coinmarketcap.

Featured image from Unsplash, Chart from TradingView.com
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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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