Bitcoiners stack ’em up: Inactive BTC supply hits all-time highs

On-chain information suggests that Bitcoin (BTC) holders are building up BTC with exchange holdings to yearly lows and the portion of inactive BTC supply at all-time highs.According to Glassnodes Bitcoin supply last active chart, non-active BTC that has stagnated from an address for more than one-, three- and five-year amount of time has been at all-time highs considering that July 2023. These metrics are mirrored by Bitcoin analytics from CoinMarketCap, which tracks wallet addresses by for how long theyve been holding BTC. An estimated 69%, or 36.8 million addresses, have held BTC for over a year.Bitcoin analytics. Source: CoinMarketCapCryptoQuant charts also reflect Bitcoin outflows from exchanges that have actually steadily decreased from July 2021, with simply over 2 million BTC staying on exchanges.Bitcoin exchange reserves. Source: CryptoQuantThe CoinGlass Bitcoin on exchanges tracker breaks down the circulating BTC held by major centralized exchanges. Cryptocurrency exchange Bitcoin holdings. Source: CoinGlassBinance tops the list with some 543,281 BTC on its books, but the exchange has seen considerable Bitcoin outflows over the previous 30 days, with 21,645 BTC withdrawn in the last month.Coinbase Pros BTC balance of 435,530 BTC leaves it second on the list, with the United States-based exchange also having actually 3,612 BTC withdrawn from its platform over the last 30 days. Related: Bitcoin cost all-time high will precede 2024 halving– New predictionOKX is the only exchange in the leading 10 that tape-recorded a substantial inflow of Bitcoin in the last 30 days, with 4,630 BTC being moved onto the platform over the previous month.Market commentators and analysts have actually provided lofty forecasts of the prospective value of Bitcoin, with its highly-anticipated mining reward halving set to happen in 2024. Collect this post as an NFT to protect this minute in history and show your support for independent journalism in the crypto space.Magazine: Recursive inscriptions: Bitcoin supercomputer and BTC DeFi coming soon

Other Questions People Ask

What does it mean that Bitcoiners stack ’em up with inactive BTC supply at all-time highs?

The phrase "Bitcoiners stack ’em up" refers to the trend of Bitcoin holders accumulating BTC and holding it for extended periods. The current data shows that the inactive BTC supply has reached all-time highs, indicating that a significant portion of Bitcoin is being held rather than traded. This behavior suggests a growing confidence among investors in the long-term value of Bitcoin, as they choose to hold their assets instead of selling them.

How does the increase in inactive BTC supply affect the market?

The rise in inactive BTC supply can lead to reduced liquidity in the market, as fewer coins are available for trading. This scarcity may contribute to upward price pressure, especially as demand increases, particularly with the upcoming Bitcoin halving in 2024. Additionally, the trend reflects a shift in investor sentiment, where more holders are viewing Bitcoin as a long-term investment rather than a short-term trading asset.

How do exchange outflows relate to Bitcoiners stacking up their BTC?

Exchange outflows are a critical indicator of how Bitcoiners are stacking up their BTC, as they reflect the movement of coins from exchanges to private wallets. The steady decrease in Bitcoin held on exchanges suggests that more holders are choosing to secure their assets rather than leave them on trading platforms. This trend aligns with the increase in inactive BTC supply, reinforcing the notion that investors are prioritizing long-term holding strategies.

What role does the upcoming Bitcoin halving play in the current BTC supply dynamics?

The upcoming Bitcoin halving in 2024 is expected to significantly impact supply dynamics, as it will reduce the rate at which new BTC is created. This event could further incentivize Bitcoiners to stack their holdings, anticipating increased scarcity and potential price appreciation. As more investors recognize this impending halving, it may lead to even higher levels of inactive BTC supply as they hold onto their assets in anticipation of future gains.