More than 200 thousand bitcoins came out of hibernation in November


Crypto Corner ep102 – Today’s Markets, News and Giveaways

More than 200 thousand bitcoins came out of hibernation in November

More than 200 thousand bitcoins came out of hibernation in November

  • In November, almost $ 4 billion worth of bitcoins was withdrawn from long-term storage to the network.

  • Almost 200,000 BTC, “sleeping” from 2013 – 2015, became active again.

  • However, the share of bitcoin hodlers is still increasing.

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In November, over 200,000 bitcoins worth about $ 4 billion were withdrawn from long-term storage to the network. These coins were inactive for 5-7 years.

More than 200 thousand bitcoins came out of hibernation in November

Bitcoin’s aggressive rally (BTC) to new all-time highs has brought many coins from hibernation that have been in long-term storage for the past five to seven years. Now they’re on the move again.

According to the latest statistics from the financial services provider Unchained Capital, the total share of bitcoins that were inactive and were blocked for five to seven years decreased in November (for the period from November 1 to 30) from 5.48% to 4.67%..

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Nearly 1% of the total supply of #bitcoin moved out of long-term storage (>1 year in the same address) during the price run-up from $ 13,700- $ 19,670 in November.

61.43% of the supply of bitcoin has not moved in >1 year. #HODLwaves, h / t @glassnode

– Unchained Capital (@unchainedcap) December 3, 2020

Investors take profit

Investors who deposited their bitcoins in 2013 did so when the BTC rate was between $ 134 and $ 1,151. In 2014 and 2015, the average bitcoin rate fluctuated between $ 500 and $ 750..

More than 200 thousand bitcoins came out of hibernation in November

Meanwhile, on November 30, 2020, bitcoin closed the month at $ 18.702. Accordingly, the profit of long-term investors could have been from 1524% to a staggering 13 856% by that time..

Historical schedule of military technical cooperation. Source: TradingView

According to the statistics of Unchained Capital on bitcoin hodlers, in November, 1.19% of the total supply of BTC came out of hibernation, left storages and became active in the network.

If we proceed from the fact that at the time of writing the total supply was about 18,561,000 BTC, this means that we are talking about more than 220,000 BTC. At current prices, their value is estimated at about $ 4.2 billion..

Age distribution of bitcoin (UTXO). Source: HODL Waves

Hodlers don’t give up

However, judging by the data, long-term investors do not adhere to any one strategy, and the overall picture looks rather motley. Most of them are not only hoarding coins, but also increasing the size of their reserves..

Indeed, the proportion of coins stored for five to seven years has declined. However, for bitcoins with a period of inactive storage for more than 10 years, the same indicator increased by 0.19% from 9.73% to 9.92%.

More than 200 thousand bitcoins came out of hibernation in November

The increase is observed in other categories as well. So, for bitcoins that have been sleeping for seven to ten years, this share increased slightly from 7.08% to 7.28%, and for those that were kept motionless for three to five years, it jumped by 0.69% from 10. 06% to 10.85%.

In general, over 61% of the total supply of bitcoins has not been in motion for over a year. This may indirectly confirm the opinion of a number of crypto enthusiasts that bitcoin is no longer perceived by investors as a speculative asset and is turning into a store of value and a hedging tool against inflation..

In mid-November, we already talked about the GlassNode data, according to which the rate of new addresses created on the bitcoin network soared to the maximum value since January 2018..


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