Untouched Bitcoin (BTC) Supply Hits All-Time High: Coin Metrics
People are hodling – that’s the latest trend among today’s crypto investors.
The amount of Bitcoin that has gone untouched for five years is currently at an all-time high, according to analysis from Coin Metrics.
“This potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium of exchange. On July 19th, there were 3,847,859 BTC that had not moved since at least five years prior.”
Coin Metrics calculates total untouched supply of Bitcoin by looking at the total amount of unique supply transacted over a specific time period (in this case, five years) and subtracting it from the total current supply. The untouched supply hasn’t just grown in total amount, either. It’s also grown proportionally.
“Although the size of the BTC supply has been consistently growing, the percent of the overall supply of BTC that has been untouched for at least five years also recently reached a five year high of 21.6 percent.”
Coin Metrics says Bitcoin’s untouched supply often correlated with the price of BTC.
The amount of untouched Bitcoin tends to peak when Bitcoin hits a bottom, and dip when the price is rising.
You can check out the full report from Coin Metrics here.