Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.

Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.

2020-12-04 | Robin Williams

Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.

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.

Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.

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.

Over 1% Of Bitcoin Supply Move Out Of Long Term Storage - Analysis.

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.

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