Glassnode recently released data indicating that almost 50% of the total volume of bitcoins has been withdrawn from circulation and has remained dormant for over two years.
This amounts to roughly 9.45 million BTC, which at current prices is worth approximately $270 billion.
Additionally, nearly 29% of all BTC in circulation have not been used for five years, and just under 15% have remained untouched for a decade.
Anthony Pompliano, founder of Morgan Creek Digital, suggests that the increasing proportion of BTC that has not been moved reflects the optimistic outlook of crypto investors with regard to the asset’s long-term potential.
He speculates that as many as 2,700,000 bitcoins could be held by the “most disciplined investors in the world.”
https://twitter.com/APompliano/status/1645229544922656768/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1645230766777835522%7Ctwgr%5Ebd5149f9fec09d600d87365278570f59c9bf7b30%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fbits.media%2Fglassnode-50-vsego-obema-dostupnykh-dlya-prodazhi-bitkoinov-ostaetsya-bez-dvizheniya%2F
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Since the start of the year, bitcoin’s value has appreciated by roughly 38%. As of Monday, April 10th, the price of the primary cryptocurrency by market capitalization is approximately $28,300.
In related news, Coinbase CEO Brian Armstrong recently disclosed that the cryptocurrency exchange has plans to integrate the Bitcoin Lightning Network into its platform in the near future.
The Lightning Network offers a cheaper and faster way to send and receive bitcoins by conducting transactions outside of the main blockchain.