In a recent tweet, renowned online analyst Willy Woo claimed that millions of bitcoins have remained untouched and unprocessed for over a decade. According to him, more than 60.75 billion dollars worth of bitcoin has not been moved since 2013.
Woo, who has over a million followers on Twitter, stated that “In 10 years, 2.6 million BTC have not moved. Chainalysis estimates 3.7 million coins have been lost (research from 2020). Let’s see if this gets supported over the coming years, and if it grows beyond the 3.7 million coins by 2030.”
Will Clemente, another online analyst, has also highlighted that the number of inactive bitcoins for over a decade is greater than the amount of BTC currently available on exchanges. Clemente noted that the number of participants in the BTC network is increasing, with more users staying on the platform despite downtrends. According to him, this is a positive signal for the cryptocurrency.
Santiment, a data analysis company, is also studying the trend of BTC being withdrawn from cryptocurrency exchanges. The firm noted that the supply of Bitcoin and Ethereum on crypto exchanges is rapidly decreasing. In particular, since September, these coins have been quickly moving towards self-custody. This trend has accelerated following the collapse of FTX. However, with both BTC and ETH exchange supplies at low levels for around five years, selling pressure in the future is expected to be limited.
At the time of writing, Bitcoin is valued at $23,900. However, analysts predict that the price of Bitcoin will rise to $56,000. This is encouraging news for investors and may further fuel the demand for Bitcoin in the market.
The fact that millions of bitcoins have remained untouched for over a decade may indicate that users are holding onto their cryptocurrency for the long term. As more people join the BTC network and the supply on exchanges decreases, the market may see a bullish trend in the coming years.
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