Bitcoin (CRYPTO: BTC) holders are hunkering down, with more than half of the supply remaining dormant over the past two years, according to on-chain analytics provider Glassnode.
What Happened: In fact, the percentage of supply that was last active more than two years ago has reached an all-time high of 53%, suggesting that many long-term investors are now reluctant to sell their Bitcoin.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Pomp Investments’ Anthony Pompliano tweeted that approximately 29% of all Bitcoin in circulation has not budged in the last five years. He said that this amounts to over $150 billion in market cap, which has remained unmoved for half a decade or more.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
Glassnode data further revealed that nearly 15% of all Bitcoin in circulation has, in fact, remained dormant for a decade. This amounts to "more than 2,700,000 bitcoin lost, forgotten, or in the hands of the most disciplined investors in the world."
Price Action: At the time of writing, BTC was trading at $28,295.53, up 1.47% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed As Shanghai Upgrade Nears: Analyst Says Apex Crypto Could Breakout If This Happens