Inactive BTC supply hits all-time highs

On-chain data suggests that Bitcoin (BTC) holders are accumulating BTC with exchange holdings down to yearly lows and the percentage of inactive BTC supply at all time highs.

According to Glassnode’s Bitcoin supply last active chart, inactive BTC that has not moved from an address for more than 1, 3 and 5 year time frames has been at all time highs since July 2023.

These metrics are mirrored by Bitcoin analytics from Coinmarketcap that tracks wallet addresses by the amount of time they’ve been holding BTC. An estimated 69%, or 36.8 million addresses have been holding BTC for more than a year.

Source: Coinmarketcap Bitcoin analytics.

CryptoQuant charts also reflect Bitcoin outflows from exchanges that have steadily declined from July 2021, with just over 2 million BTC tipped to remain on exchanges.

Source: CryptoQuant.

Coinglass’s Bitcoin on exchanges tracker breaks down the amount of circulating BTC held by major centralized exchanges. 

Cryptocurrency exchange Bitcoin holdings. Source: Coinglass.

Binance tops the list with some 543,281 BTC on its books, but the exchange has seen significant Bitcoin outflows over the past 30 days. 21,645 BTC has been withdrawn from Binance in the last month.

Coinbase Pro’s BTC balance of 435,530 BTC puts leaves it second on the list, with the U.S. based exchange also having seen 3,612 BTC withdrawn from its platform over the last 30 days.

Related: Bitcoin price all-time high will precede 2024 halving — New prediction

OKX is the only exchange in the top ten that recorded a significant inflow of Bitcoin in the last 30 days, with 4,630 BTC being moved onto the platform over the past month.

Market commentators and analysts have delivered lofty predictions of the potential value of Bitcoin with its fourthly, highly-anticipated mining reward halving set to take place in 2024.

Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

cointelegraph.com

Leave a Reply

Your email address will not be published. Required fields are marked *