Your favorite crypto news blog

More Than 11.5 Million Bitcoins Have Been Dormant For Over A Year Despite An 85% Price Increase

Bitcoin 2019/12/03 08:06 by Nick James
Former Congressman Ron Paul Conducts Twitter Poll; Almost 60% Prefer Bitcoin As A Long-Term Investment Option

Half of the total Bitcoin supply hasn’t been moved or traded for a whole year. 

That’s according to a tweet by Rhythm. In the tweet, the poster opined that looking at the active addresses for the last one year, it seems like over 11.5 million Bitcoins have been sitting idle. He went on to make the finding even more interesting by pointing out that Bitcoin has had a cool 85% price increase over the period lasting one year.

So what exactly is driving the owners of all that cache of coins to ignore the price increase and not even use their holdings to trade? The tweet caught the attention of various interested parties who came out to offer their opinions. 

Lost Coins

There have been rumors that over 3 million Bitcoins may have been lost forever. That’s as a result of people forgetting their private keys used to access their holdings or those who died without having put measures in place to handover their holdings to their next of kin.

In fact, some people have argued that the “3 million” claim may be too optimistic and that the real figure could be around 4 million – that’s close to 20% of the total Bitcoin supply. 

Still, 11.5 million is a huge figure, meaning that at the extreme end, around 7.5 million Bitcoins are accessible to their owners. At the moment, a total of about 18 million coins have already been mined, leaving 3 million to be mined until the network reaches the absolute total of 21 million Bitcoins mined. 


There’s also the possibility that the owners of the bigger chunk of the 11.5 million BTCs are total hodlers who are all in for the long ride. Seeing as there are so many optimistic people expecting Bitcoin’s price to reach astronomical figures, it’s not far-fetched to opine that people who have held large numbers of the asset may want to keep their stash in hopes of cashing out big sometime in the future. 

The post More Than 11.5 Million Bitcoins Have Been Dormant For Over A Year Despite An 85% Price Increase appeared first on ZyCrypto.

0 Like(s)

You should also read...

Altcoins 24/11/19 22:30 by Cole Petersen
Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst
Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be high...
Read More
Altcoins 11/01/20 15:47 by Nick James
Crypto Enthusiast Opines ‘Bitmain Has More Control Over Bitcoin Than Ripple Has Over XRP’
Over the last few years, crypto mining, especially Bitcoin mining, has been a popular line of business to industry big wigs. Organizations and mining pools have gained popularity, with a great majori...
Read More
Bitcoin 15/04/20 14:18 by Edwin Kinoti
Crypto exchanges record massive Bitcoin withdrawals as investors move into long-term holding
Crypto exchanges are witnessing dwindling Bitcoin volumes as investors continue to withdraw their coins. The trend has persisted since January with multiple exchanges recording substantial declines i...
Read More
Mining 16/04/20 13:36 by Edwin Kinoti
Bitcoin Miners Accumulating Coins in Prospect of a Rapid Upturn
Bitcoin miners are controlling the supply of Bitcoin in the lead up to the halving event set to occur within a month’s time. The miners appear to be storing a substantial amount of their rewards ra...
Read More
Altcoins 28/04/20 21:19 by Tolu
Are People Dumping BCH and BSV for the Original Bitcoin?
A recent tweet from software engineer and creator of Statoshi, Jameson Lopp, has shown some information from stat service CoinMetrics. According to the tweet, 4.1 million BTC has not moved in more th...
Read More