- 10.7 million Bitcoins worth USD 84.5 billion have been sitting dormant for more than a year, indicating widespread HODLING
According to Digital Assets Data, 10.7 million Bitcoins worth USD 84.5 billion have been sitting for more than a year. This implies that people have been holding onto these Bitcoins without selling them or transferring them. This represents 59% of the current total Bitcoin supply of 18.15 million.
This statistic is bullish for a couple of reasons. First off, according to the law of supply and demand, less market supply causes an increase in price. More Bitcoins being HODLED means there are fewer Bitcoins available on the market, leading to a higher price.
Further, these 10.7 million Bitcoins are likely being held onto in expectation of a future price increase. Essentially, if investors thought Bitcoin was going to decrease in price they would simply sell it, but since investors generally believe Bitcoin is going to increase in price they are holding coins en masse.
This lines up with the recent increase in the Bitcoin mining hash rate to an all-time high, which suggests that miners are accumulating Bitcoin in expectation of a future price increase as well.
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