Connect with us
Active Currencies 14901
Market Cap $2,416,214,115,716.10
Bitcoin Share 51.29%
24h Market Cap Change $4.76

Bitcoin: Exploring the curious case of dormant BTC as ancient supply worth billions awaits

2min Read

Despite Bitcoin’s volatility, Glassnode’s data revealed that a significant portion of the cryptocurrency remains dormant, with 91.7% of the ancient supply currently untouched.

Bitcoin: Exploring the curious case of dormant BTC as ancient supply worth billions awaits

Share this article

  • Glassnode’s  data showed that 91.7% of Bitcoin’s ancient supply was dormant or lost.
  • Bitcoin’s current NetFlow trend revealed a higher inflow of BTC into exchanges, indicating more sales than withdrawals.

The rollercoaster of Bitcoin’s [BTC] value has been nothing short of exhilarating and nerve-wracking for investors. But here’s a surprising fact: despite all the ups and downs, some portions of the BTC supply have remained inactive, unfazed by the market’s turbulence. Recent data has shed light on this curious phenomenon.


– Read Bitcoin (BTC) Price Prediction 2023-24


Ancient Bitcoin

Glassnode’s data from 27 April uncovered a fascinating fact about Bitcoin’s circulation – some portions of the cryptocurrency remained untouched for a staggering seven years or more.

The Ancient Supply metric from Glassnode has revealed that out of the 19.3 million coins currently in circulation, only 4.25 million have achieved the coveted status of Ancient Supply.

Even more intriguing was that only 8.3% of the ancient coins (equivalent to 356K) were spent since their inception, leaving a whopping 91.7% (roughly 3.9 million) dormant or lost.

Bitcoin (BTC) Ancient Supply spendings

Source: Glassnode

At the current price range of Bitcoin, the value of these dormant or lost coins amounts to a whopping $113.1 billion.

CoinMarketCap’s data showed that the current market cap of BTC was around $566 billion. This means that if the current ancient supply were to be activated, it could substantially impact both volume and price, potentially altering Bitcoin’s netflow.

Current Bitcoin Netflow status

Glassnode’s netflow data revealed an interesting trend in the movement of Bitcoin. The chart showed that there was currently a higher number of BTCs entering exchanges than leaving them.

In other words, the inflow of BTC into exchanges was currently dominant, suggesting more sales than withdrawals.

Bitcoin Exchange Netflow

Source: Glassnode

As of the time of writing, the netflow data showed a substantial inflow of over 1,300 BTCs, indicating that there was still significant selling pressure in the market.

Current price trend

Bitcoin made a small but significant recovery on April 27. It climbed back to the $29,000 price range, closing the day’s trading at approximately $29,500. The closing price represented a 3.62% gain in value.

While it has since experienced a slight pullback, BTC still hovered in the $29,000 price range.

BTC/USD price move

Source: TradingView

Interestingly, despite the decline, Bitcoin’s short Moving Average (yellow line) continued to provide strong support around the $27,000 price region.

However, it was still struggling to break through the psychological barrier of the $30,000 price range. This range has proven to be a significant resistance level in recent months.


– Is your portfolio green? Check out the Bitcoin Profit Calculator


The Ancient Supply of Bitcoin may be dormant, but it is unclear if this will change the cryptocurrency’s price breaks through the predicted $100,000 mark.

If the prices were to reach this level, holders of Ancient Supply coins could be incentivized to sell their holdings and realize significant gains, which would have a notable impact on the market.

 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.