Despite 100% Increase in Bitcoin Price, 11.58 Million BTC hasn’t Moved in a Year
- Extreme Bullish: In the last 12 months less than 6.8 million BTC changed hands
- The number of Bitcoins not moved continues to increase at a fast pace
- “Remember, it's the scarcity that creates value,” – analyst Mati Greenspan.
It’s all about HODLing. When it comes to Bitcoin, a deflationary digital asset that has a fixed supply of 21 million, spending your BTC doesn’t make much sense.
This hard limit of Bitcoin supply is what has the industry commentators calling for a price target of as much as $100,000 by 2021 end and further $1 million per BTC in the future. As such holding is what you do with your BTC.
I wish I had kept my 1,700 BTC @ $0.06 instead of selling them at $0.30, now that they're $8.00! #bitcoin
— Greg Schoen (@GregSchoen) May 16, 2011
And Bitcoin investors know it very well and follow religiously as evident from the fact that a big chunk of BTC hasn’t moved in the past year.
Ever since Bitcoin was first created, the number of BTC not moved has been only growing. From 1.09 million on 1st January 2010 to 1.87 million the next January, then 2.39 in 2012, and 2.66 in 2013. On 1st January 2014, the holders broke the 3 million mark and then 4 million in 2016.
In 2017, the bull run saw the Bitcoin price surging to its all-time high of $20,000 but still, these numbers continued to rise, going from 5.03 million on January 1st, 2017 to 7.72 million in 2018. This has been actually the biggest jump in one year, not seen before this.
From 2017, this trajectory of unmoved Bitcoin further went in full force with an unprecedented increase in 2018 and 2019.
In 2018, Bitcoin lost 85% of its value but 4.86 million BTC were added to this hoard that further jumped to 17.51 million by June this year.
Bitcoin proponents, Rhythm Trader took to Twitter to share this tidbit that enthusiasts believe is an extremely bullish piece of information. Rhythm Trader shared,
“11,580,000 bitcoin have not moved in over a year. Even with an 85% increase in price during that time, those millions of bitcoin were not sold or traded,”
“Hodlers of last resort are insane.”
In 2019, the Bitcoin price surged more than 250% in the first half and is still up 92% YTD.
The Bitcoin enthusiast further emphasized on Bitcoin’s importance stating that the holders of these 11.58 million Bitcoins are doing so because they know it’s not a “get rich quick-scheme, but a get FREE quick scheme.”
Mati Greenspan, founder of investment firm Quantum Economics and former senior analyst at eToro, pointed out that this means less than 6.8 million BTC has changed hands in the last 12 months. “Remember, it's the scarcity that creates value,” Greenspan said.