10.5 Million Bitcoin Remain Dormant Since 2018

ยท 20 May 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

There is a large number of Bitcoin (BTC) that is currently stored in the same wallet without being moved since 2018. This shows that there is a large number of investors that are waiting for the price of the most popular digital asset to enter a new bull market. This is according to data provided by BitInfoCharts.

Half Of Bitcoin Supply Remains Dormant

Bitcoin has recently moved from $4,200 a few months ago to $8,400, the largest price registered by Bitcoin in over eight months. The end of the bear market that affected Bitcoin and the whole crypto space in 2018 is now attracting investors and allowing them to gather funds for the upcoming bull run in the space.

BitInfoChart shows that 10.5 million BTC, half of the supply of Bitcoin, didn’t leave their wallets since May 5, 2018. This is two times more than the amount of BTC stored from January 5 2017, before the bull run to $20,000.

As time passes and we enter a new accumulation phase, the number of BTC without being moved continues to grow as time passes. We have also recently written at UseTheBitcoin that there are 732,000 Bitcoin addresses that have one Bitcoin or more stored. Surprisingly, there are just 4 addresses with more than 100,000 BTC.

A few days ago, Whale Alerts, a Twitter bot that records large transactions from different networks, informed that an investor moved 10,500 BTC between wallets in three separate transactions moving $83.4 million in funds. Today, this user moved over 16,000 BTC valued at around $127 million.

During the last few months, Bitcoin enthusiasts and investors have been placing their funds in the crypto market. The sentiment has changed and Bitcoin could eventually reach new highs in the future. Indeed, the digital currency was able to reach the highest point in more than eight months.

Arthur Hayes, the CEO of the crypto platform BitMEX, has also shared his enthusiasm for Bitcoin. He said that the network dropped below $7,000 for a short period of time but it immediately raised back to $8,000.

At the time of writing this article, Bitcoin is being traded around $7,850 and it has a market capitalization of $140 billion, according to CoinMarektCap. Experts believe that Bitcoin is now taking a pause to start growing again in the near future.

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