10 percent of BTC’s supply has not been moved for a decade which is about 1.85 million in the number one cryptocurrency. But will it move ever again? Let’s find out in today’s bitcoin news.
About 10 percent of BTC’s supply has not been moved in a decade which portions 3.7 million coins that are probably lost forever by now. The percentage of the coins that will not be transferred will increase in the future as well. Every 10th BTC has not been moved in 10 years or more according to the crypto analytics platform Glassnode but why?
Exactly 10% of #Bitcoin has not moved for 10+ years now.
— Danny Scott (@CoinCornerDanny) December 18, 2020
Glassnode’s data shows that 1,857,721 BTC remained stationary for over 10 years as of December 17th. With a total of 18,573,268 coins in circulation, it translates to 10% of all Bitcoin mined up to this date. While some BTC maximalists can see this as a sign of true hodlers commitment, the reality is less interesting. Most of these coins are probably dead by now and forever lost due to different circumstances so no one will ever be able to use them.
First of all, Bitcoin’s creator Satoshi Nakamoto mined about 1.125 million BTC which has not been moved for over a decade by now. Since no one knows who he is or where he is, the fate of these coins doesn’t look bright. Glassnode’s charts are showing the number of BTC that have not been moved for 10 years which is due to the fact that 10 years have passed after bitcoin’s network was launched and Nakamoto started mining his early coins. But if we take Nakamoto’s Bitcoin stash out of the equation, more than 2.6 million BTC is also lost forever too. This could be because of a multitude of reasons including misplaced private keys, burned BTC, broken hard drives or even people that died that didn’t give their passwords and keys to anyone.
In total, 3.7 million BTC or 20% of all currently mined BTC is most likely gone forever and cannot be retrieved. At current prices, that’s about $83 billion worth of coins that are lost in oblivion. As reported earlier, The number one cryptocurrency rally provided some tailwinds for other altcoins but they still have to reach parity with the momentum that is being seen by BTC. One trader explained that he is now watching for a capital rotation event out of BTC into other altcoins. He noted that there are signs of this happening including a sharp decline that was seen by BTC overnight giving way for the ETH rally.
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