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Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.
2020-12-04 | Robin Williams
The earlier Bitcoin [BTC] bullish rally in November tested all-time price highs saw over 1% of Bitcoin’s supply move out of long-term storage.
In line with Unchained Capital’s ‘hodlwaves’ metric, that measures the time since Bitcoin has moved on-chain, roughly 15% of the Bitcoin that had not been moved for 5 and 7 years as of 1st Nov. were finally transferred on-chain during the month of November.
The share of BTC supply represented by coins that were earlier dormant for between 2 and 3 years also fell from 12.20% to 11.58% - a relative decline of nearly 5% over November, while coins that had not shifted for between 1 and 2 years dropped from 17.87% to 17.13% - a relative drop of 4%.
However, the number of Bitcoins that have sat still for a min of 7 years increased slightly over the month.
Surprisingly, short-term on-chain Bitcoin transfers fell within November, with the share of supply that last moved between at some point and one week sliding from 3.72% at the beginning of the month to 2.94% on 30th Nov.
November’s largest shift occurred within the one-week to one-month hodlwave, which reveals the share of Bitcoin's supply that last moved between 7 & 30 days. It increased from 6.28% to 8.20% just within the month of November.
Solely 38.5% of Bitcoin’s supply has been active on-chain within the past 12 months. Cryptocurrency market data aggregator Glassnode published another bullish metric, estimating that almost 19.6 Mln Bitcoin addresses were active following November’s bull run.
Also, November saw the 2nd-highest number of active wallets during one month in Bitcoin’s history, sitting behind only the 21.6 Mln wallets that were active in December 2017.
