Bitcoin

<h2 id="quick-take">Quick Take</h2> 
<p>New data analysis reveals an unprecedented trend in the circulating supply of Bitcoin. A notable 70% of the supply has not been transacted within the past year, marking an all-time high for supply last active 1+ year. This cohort is experiencing an increased rate of dormancy. This trend, in large part, can be tied back to the actions of investors who made purchases following the collapse of <a href="https://cryptoslate.com/companies/ftx/">FTX</a> last November, seeking to hold onto their investments amidst market uncertainty.</p> 
<p>This trend of increasing dormancy is not an isolated incident but rather part of a broader pattern. Each peak in this cohort continues to surpass the preceding one, indicative of a steadily increasing tendency toward holding.</p> 
<figure id="attachment_374108" aria-describedby="caption-attachment-374108" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-374108 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/10.png" alt="Supply Last Active: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/10.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/10-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/10-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/10-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/10-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-374108" class="wp-caption-text">
  Supply Last Active: (Source: Glassnode)
 </figcaption>
</figure> 
<p>This behavior is replicated across different cohorts. The supply last active 2+ years ago has reached 57%, while the supply untouched for the past 3+ years has hit 41%. Even more remarkable is that 30% of the supply last active 5+ years ago has also risen to an all-time high. This consistent growth in dormant supply across all cohorts might suggest a prevailing belief in long-term value accrual or, alternatively, indicate a market characterized by caution and holding strategies.</p> 
<table> 
 <thead> 
  <tr> 
   <th>Supply Last Active</th> 
   <th>Percentage</th> 
  </tr> 
 </thead> 
 <tbody> 
  <tr> 
   <td>1+ years</td> 
   <td>70%</td> 
  </tr> 
  <tr> 
   <td>2+ years</td> 
   <td>57%</td> 
  </tr> 
  <tr> 
   <td>3+ years</td> 
   <td>41%</td> 
  </tr> 
  <tr> 
   <td>5+ years</td> 
   <td>30%</td> 
  </tr> 
 </tbody> 
</table> 
<p style="text-align: center; font-size: small;">Source: Glassnode</p> 
<p>The post <a href="https://cryptoslate.com/insights/record-70-of-bitcoin-supply-lies-dormant-for-a-year-or-more/">Record 70% of Bitcoin supply lies dormant for a year or more</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Record 70% of Bitcoin supply lies dormant for a year or more

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