Widely followed on-chain analyst Willy Woo says that millions of Bitcoin (BTC) have remained untouched for the past 10 years.
Woo tells his one million Twitter followers that more than $60.75 billion worth of Bitcoin has not moved since 2013.
“2.6 million coins right now haven’t moved in 10 yrs.
Chainalysis estimated 3.7 million coins were lost (2020 study).
Let’s see if this is supported in a few years, should climb to more than 3.7m coins by 2030.”
Woo’s comments come as fellow on-chain analyst Will Clemente highlighted that the number of Bitcoin that has remained inactive for over a decade is now greater than the amount of BTC in crypto exchanges.
“There is now more Bitcoin that hasn’t moved in at least 10 years than there is on exchanges. Wild stat.”
Clemente also points out that over time, more and more market participants are using the Bitcoin network.
“During every bear market, short-term tourists leave, but an increasing number of Bitcoin network users stick around. This is the signal.”
Analytics firm Santiment is also looking at the trend of BTC being withdrawn from crypto exchanges. According to Santiment, the supply of Bitcoin and Ethereum (ETH) in crypto exchanges is decreasing at a rapid rate.
“The trend in crypto, particularly since September, has been coins quickly moving to self-custody. This trend picked up after the FTX collapse. Regardless, with both BTC and ETH around five-year low exchange supplies, future sell-offs will be limited.”
At time of writing, Bitcoin is worth $23,216.
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