A widely followed analyst says a key Bitcoin (BTC) metric is looking strong despite the crypto market downturn.
Citing an infographic from blockchain analytics firm Glassnode stating that 95% of the existing supply of Bitcoin has not moved over the past 30 days, the anonymous host of InvestAnswers tells his 447,000 YouTube subscribers that all the flagship crypto asset needs to rally is a buy-side catalyst.
“Breaking news: 95% of all Bitcoin has not moved in the last 30 days. So again, despite the weak market, only 5% is moving around – 95% is sitting tight. And we know why…
But the real magic of this, imagine there’s a catalyst and imagine big money wants to jump in and buy a truckload of Bitcoin? Price will just go parabolic. And that’s just economics, ladies and gentlemen.
That is kind of why I’m so obsessed with Bitcoin. It’s so scarce, so literally when the big institutions come, and they’re fighting over that 5% and all the legacy holders are just sitting there watching. Anyway, it’s a reason to be excited.”
The anonymous host of InvestAnswers further says that the remaining supply of Bitcoin after accounting for long-term holders and the lost Bitcoin is also a bullish indicator.
“The amount of Bitcoin that is either hodled or lost, or basically has not moved in the last five years, is nearly eight million Bitcoin. That means technically only 11 million, or thereabouts, have not.
And in fact taking this five-year plus it doesn’t include all the Bitcoin lost over the last five years or less. So we know it’s just super scarce. It’s mind-boggling how scarce it is.
And I always get the question, ‘well, if it’s so scarce is that not bad?’. No, it’s not. It means the price of what’s left will go up. And it won’t take a lot to move it as well.”
Generated Image: Midjourney