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Bitcoin Investors Hoarding 11,580,000 BTC Worth $84 Billion: BitInfoCharts

by Daily Hodl Staff
December 5, 2019
in Bitcoin

Some 11,580,000 Bitcoin, worth about $84 billion, has not moved in more than a year.

The number represents about 64% of all Bitcoin mined to date. The 12-month dormant figure, reported by BitInfoCharts, is all the more eye-popping given 2019’s price volatility.

Bitcoin skyrocketed in value from about $4,000 at the beginning of December 2018 to nearly $13,800 on June 26th – a 245% increase over seven months. Then, it subsequently plummeted by more than 50% over the next five months, dropping to $6,617 by November 25th.

At time of writing, BTC is trading at $7,314, according to CoinMarketCap.

Some on Crypto Twitter are pointing to the long-term hoarding as evidence of Bitcoin’s value as a decentralized asset.

Hodlers of those 11,580,000 bitcoin know it's not a get rich quick-scheme, but a get FREE quick scheme.

Subscribe to my free weekly newsletter and learn about why bitcoin matters.

You can read all previous posts here:https://t.co/03gtU6kc6j

— Rhythm (@Rhythmtrader) December 1, 2019

The numbers also show 7.09 million BTC (about 39% of the mined total) hasn’t moved in two years; 4.97 million BTC (about 27%) hasn’t moved in three; 3.91 million BTC (about 22%) hasn’t moved in five; and 2.37 million (about 13%) hasn’t moved in eight.

After Bitcoin price drops in October, crypto analysis firm Coin Metrics published research indicating selling pressure during the market breakdown came mainly from short-term traders who last purchased Bitcoin when it was trading between $10,000 and $12,000.

On the flip side, traders that acquired Bitcoin at below $8,000 are long-term investors, the report states.

“Approximately 11.46 million Bitcoin belong to this cohort. Despite the extreme market movement, these holders have remained resolute in their market views — only 150,000 of the 11.46 million Bitcoin were seen to have moved on-chain.

Profit taking or panic selling was limited among these holders. This behavior indicates that for the majority of Bitcoin holders, the market view of Bitcoin being in a bull market remains unchanged.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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