Data from a blockchain research firm has revealed that over $3.6 bln worth of Bitcoin that has been held in long term storage has been moved amid the cryptocurrency’s ongoing rally.
As initially reported by Cointelegraph, financial services company Unchained Capital released an update from its data visualisation called HODL Waves which is powered by Glassnode Studio.
The graph effectively shows Bitcoin being moved in different bands relative to when it was last transacted within the time window indicated in the legend.
The key takeaway from the data was that close to 1% of the total supply of Bitcoin moved out of long-term storage, defined as being held for over one year in the same address, in the period leading up to Bitcoin’s recent all time high in November 2020.
Bitcoin’s money supply grew from 50 BTC to 18.5M BTC from left to right on the chart, so the chart has been normalized by the BTC in existence at each date (left y-axis).
61 percent still unmoved
Another interesting take away from the data is that over 60 percent of the current Bitcoin supply has not moved in over a year. This suggests that even though the price of Bitcoin has risen to new highs and is hovering above the $19000 mark, long term Bitcoin holders are not moving their BTC.
Bitcoin that has been held in the different band between one to three years and three to five years also saw a percentage drop, indicating that users holding BTC during this period have moved their holdings.
