More than half of all existing Bitcoin supplies have not moved in the past 365 days
A percentage of 61% of Bitcoin’s circulating supply remained untouched for more than a year, reflecting the conditions that led to the last BTC bull run. According to data compiled by crypto analysis firm Glassnode, the amount of Bitcoins that remain inactive for a year or more has reached a historic high of 61.33%. The previous high was set at 61.28% on January 15, 2016, when the BTC price was still trading at $ 360.
61% of Bitcoin hasn’t moved in over a year.
That’s an all-time high. pic.twitter.com/q9oYHYXdbc
– Dan Held (@danheld) June 28, 2020
“61% of Bitcoin has not moved in over a year.
This is the biggest increase ever. ”
Glassnode data shows that the last time Bitcoin hit a historic price record was following the slowest move so far in 2016, with the $ 20,000 rally taking place the following year.
The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 – preceding $ BTC‘s bull run to $ 20k.https://t.co/lquCOcHXPX https://t.co/Hvf4lW72U6 pic.twitter.com/xGXYdqSewE
– glassnode (@glassnode) June 28, 2020
“The last time we saw this amount of #Bitcoin that hadn’t moved in over a year, it was in early 2016 – preceding the $ BTC rise to $ 20k.”
Other community members are skeptical about the meaning of inactive Bitcoin addresses. Some pointed to the last dormant Bitcoin historic high that occurred almost two years before the $ 20,000 price spike, indicating that BTC may have months or more before starting another bull run.
Twitter user JosephCrypto highlighted the previous spikes for untouched Bitcoin in 2012 and 2014, with the latter failing to generate a bull run.
Accurate tweet but misleading. Look at the last two times the previous supply last active peak was breached. In 2012 it * did * directly precedes the #BTC bull run. In 2014, the bottom * wasn’t in yet * (!) And there was an extended consolidation period remaining before the bull run. pic.twitter.com/8S7zU1f7GT
– Joseph (@josephcrypto) June 28, 2020
“Tweet accurate, but misleading. Note the last two times that the last active peak from the previous supply has been breached. In 2012, * directly preceded * the #BTC bullfight. In 2014, the fund * was not yet there * (!) And there was a long period of consolidation remaining before the bull run. ”