Nearly $370 Billion in Bitcoin Has Gone ‘Dormant’—Here’s Why

Nearly $370 Billion in Bitcoin Has Gone ‘Dormant’—Here’s Why

by Virtusenews
27. February 2023
Nearly $370 Billion in Bitcoin Has Gone ‘Dormant’—Here’s Why

Bitcoin is largely not moving again, with the amount of dormant coins nearly at a new all-time high.

According to blockchain analysis firm Glassnode, the number of Bitcoins that have not moved for at least six months—dubbed “old supply”—stands at 14.99 million, worth roughly $370 billion at today’s prices.

The all-time high is 15.029 million, Glassnode added, from December. But why is this happening?

Another blockchain firm, Arkham Intelligence, told Decrypt this is because Bitcoin investors are again focusing on long-term gains. “The Bitcoin community has clearly become more long-term oriented, focusing primarily on holding,” CEO Miguel Morel said.

“Other chains such as Ethereum have communities building tools and services where coins move significantly more, mostly in pursuit of profits.”

Glassnode added in the report that there is “a turning of the cycle and a marked shift in investor behavior patterns.”

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