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BTC on its books, but the exchange has seen considerable Bitcoin outflows over the previous 30 days, with 21,645 BTC withdrawn in the last month.Coinbase Pros BTC balance of 435,530 BTC leaves it second on the list, with the United States-based exchange also having actually 3,612 BTC withdrawn from its platform over the last 30 days.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 the increase in inactive BTC supply indicate about Bitcoiners stacking their holdings?

The rise in inactive BTC supply suggests that Bitcoiners are increasingly holding onto their assets rather than trading them. This trend indicates a growing confidence among long-term holders, as many addresses have not moved their BTC for over a year. With 69% of addresses holding BTC for more than a year, it reflects a shift towards accumulation rather than speculation.

How do Bitcoin exchange reserves relate to the trend of Bitcoiners stacking their BTC?

Bitcoin exchange reserves have been steadily decreasing, which aligns with the trend of Bitcoiners stacking their BTC. As more holders withdraw their assets from exchanges, it indicates a preference for long-term storage over active trading. Currently, only about 2 million BTC remain on exchanges, highlighting the commitment of holders to retain their investments.

What role does the upcoming Bitcoin halving play in the behavior of Bitcoiners stacking their BTC?

The anticipation of the upcoming Bitcoin halving in 2024 is likely influencing Bitcoiners to stack their BTC now. Historical trends suggest that halvings can lead to significant price increases, prompting holders to accumulate before potential price surges. This behavior is reflected in the increasing inactive supply, as many are choosing to hold rather than sell.

How does the data from Glassnode and CoinMarketCap support the trend of Bitcoiners stacking their BTC?

Data from Glassnode and CoinMarketCap shows that inactive BTC supply has reached all-time highs, reinforcing the trend of Bitcoiners stacking their holdings. The metrics indicate that a significant portion of BTC has not moved for extended periods, suggesting a strong commitment from holders. This accumulation trend is further supported by the decrease in exchange holdings, as more investors opt for long-term storage.

What insights can be drawn from the recent Bitcoin outflows from exchanges regarding Bitcoiners stacking their BTC?

The recent Bitcoin outflows from exchanges provide valuable insights into the behavior of Bitcoiners stacking their BTC. With substantial withdrawals from major exchanges like Binance and Coinbase, it indicates that holders are moving their assets off exchanges for safekeeping. This trend not only reflects increased confidence among investors but also contributes to the rising inactive BTC supply, as these assets are likely being held long-term.