The high percentage of dormant Bitcoin suggests a strong trend of holding among investors, often associated with a strong belief in Bitcoin's future value.
Key Takeaways
About 75% of circulating Bitcoin hasn't moved in at least six months, Glassnode's HODL Waves chart shows.
Last week, the figure stood at 45%, highlighting a significant shift in investors' holding behavior.
The high percentage of unmoved Bitcoin suggests a strong trend of investors holding onto their BTC.
Bitcoin price is down over 10% in the last month but still recorded a 12% surge in the last six months. BTC price is hovering around $58,000 at press time after losing the $60,000 key level.
With a large portion of Bitcoin unmoved, the liquid supply available for trading is diminished, which could push prices up if demand continues to rise.
On-chain analyst James Check noted that over 80% of short-term Bitcoin holders are currently facing losses, having bought at higher prices. He warned that this could lead to panic selling, similar to patterns observed in 2018, 2019, and mid-2021.
Bitcoin miners may not be done selling
CryptoQuant's weekly crypto report suggests that Bitcoin miner capitulation might occur throughout the week of August 5 as daily miner outflows surged to 19,000 BTC.
Miners might offload their reserves to cope with squeezed profit margins, which had fallen to 25%, the lowest since January 22.
CryptoQuant notes that miners may continue to sell their BTC reserves as they are still underpaid amid price decline and increasing mining difficulty.
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