Half of All Bitcoin Has Been Unmoved for 2 Years
A renowned crypto analyst known as “Documenting Bitcoin” has presented updated information revealing that 50% of all Bitcoin, equivalent to 9.64 million BTC valued at $86.4 billion, has not been shifted from its holders’ wallets for the past two years.
The Significance of Unmoved Bitcoin
Unmoved Bitcoin is calculated by comparing the amount of cryptocurrency that has remained inactive within its wallets over a specific timeframe to its total supply.
Investors Opting to Hold Bitcoin Despite Price Fluctuations
Despite the all-time high of Bitcoin at $69,000 in November 2021, most investors have chosen to hold onto the coin for the past two years, regardless of the price fluctuations. Institutions still view the cryptocurrency’s long-term potential and have continued to boost their investments, even during the bear market in the sector.
Institutions Remain Bullish on Crypto Despite Price Decline
A survey from November 2021 showed that 62% of institutional investors in cryptocurrency had increased their holdings in the previous year. Only 12% of these investors had decreased their exposure to crypto, indicating that most institutions still have faith in cryptocurrencies for the long term, even with declining prices. The crypto winter, however, provided a chance for long-term players to buy at a lower price.
Bitcoin Becoming a Store of Value
The fact that half of Bitcoin has remained unmoved for two years indicates that the digital asset is becoming a store of value, much like digital gold, which people use to protect against inflation.
Bitcoin Price Trend
In December 2021, Bitcoin was trading around $50,000. However, by January 2022, the price had dropped to below $42,000. In May, the crypto was valued at approximately $39,000 before suddenly plummeting to $29,000. June saw the asset’s price fluctuate between $19,000 and $20,000. November was when the price of BTC dropped to $16,000, but since then, it has been on an upward trend thanks to improved macroeconomic conditions.
Current Bitcoin Market Status
Currently, Bitcoin has increased in value by roughly 30% this year. The cryptocurrency is currently trading at $23,011, with an increase of 0.43% in the last 24 hours and a trading volume of $24 billion.