Inactive Bitcoin Supply Approaches New Record

According to recent on-chain data, a majority of Bitcoins have not been moved at all in the past year. Crypto investors, it seems, are holding onto their Bitcoin supplies even though the token has not performed well in the past few months. Long-term investors seem to be willing to stand pat as they assume the market will ultimately trend upwards over the next several years. At press time, more than 60% of Bitcoin was in a holding pattern, meaning that these tokens have seen no transactions at all in the last 12 months. What does this mean? Short-term issues are of little consequence to Bitcoin investors, which may be a good strategy for average consumers. Hold on to anything that should rise over the long term. Analytics firm Material Indicators noted that there are “rugs” of support disappearing about the $40,000 level, with the loss of support occurring right before Friday’s dip to 2-week lows.