Understanding the Growing Trend of Unmovable Bitcoin
On April 10th, Morgan Creek founder Anthony Pompliano cited Glassnode data and stated on Twitter that the supply of unmovable Bitcoin in the past two years has reached a record hig
On April 10th, Morgan Creek founder Anthony Pompliano cited Glassnode data and stated on Twitter that the supply of unmovable Bitcoin in the past two years has reached a record high of 53%. In addition, nearly 29% of circulating Bitcoins have not moved in the past 5 years, while nearly 15% of circulating Bitcoins have not moved in the past decade.
Data: The supply of unmovable Bitcoin in the past two years has reached a record high of 53%
Bitcoin, the world’s most popular cryptocurrency, has been around for over a decade now, and its popularity continues to soar. With the increasing number of individuals and institutions investing in Bitcoin, the market for this digital asset has grown exponentially. This growth has led to the emergence of a new trend, the unmovable Bitcoin. Recently, Morgan Creek founder Anthony Pompliano cited Glassnode data, stating that the supply of unmovable Bitcoin in the past two years has reached a record high of 53%. Furthermore, nearly 29% of circulating Bitcoins have not moved in the past five years, while nearly 15% of circulating Bitcoin has not moved in the past decade. In this article, we will explore the growing trend of unmovable Bitcoin, its implications, and potential causes.
The Definition of Unmovable Bitcoin
Unmovable Bitcoin is defined as a Bitcoin that has not moved from one wallet to another for a certain period. When analyzing the movement of Bitcoins on blockchain networks, unmovable Bitcoins are considered to be the ones that remain stagnant in the blockchain network. Due to their persistent status, they are considered to be less liquid than Bitcoins that move regularly.
Implications of Unmovable Bitcoin
The emergence of unmovable Bitcoin has several implications for the Bitcoin market. Firstly, it indicates that there is a growing number of hodlers in the market who are holding Bitcoin as a long-term investment. These holders acknowledge the potential that Bitcoin holds in the future, and they are willing to hold onto it for an extended period, even in times of market volatility. This trend of hodling can create a supply-side shock, leading to a shortage of Bitcoins in the market.
Secondly, the emergence of unmovable Bitcoin can also have a significant impact on Bitcoin’s price. Hodlers are less likely to sell Bitcoin, even during market crashes, which can make the demand for Bitcoin relatively high in comparison with its supply. This increased demand can drive up the price of Bitcoin, leading to a potential bull market.
Finally, unmovable Bitcoin can also create a barrier to entry for new investors looking to enter the cryptocurrency market. The scarcity of Bitcoin, coupled with hodlers unwilling to sell, can create a situation where new investors have to buy Bitcoin at a relatively higher price.
Potential Causes of Unmovable Bitcoin
Several factors could be contributing to the growing trend of unmovable Bitcoin. Firstly, the proliferation of cryptocurrency exchanges and other trading platforms has made it easier for individuals to invest in Bitcoin. This accessibility has attracted several new investors, but the ease of buying Bitcoin also has created a situation where hodlers are less inclined to sell their holdings.
Secondly, the growth of institutional investment in Bitcoin can also be a potential cause of unmovable Bitcoin. Institutions typically hold large amounts of Bitcoin as part of their investment portfolios, and they are less likely to sell their holdings.
Finally, scarcity can be an underlying factor that has contributed to the trend of unmovable Bitcoin. With the current cap on Bitcoin’s supply, the perception of Bitcoin as a limited asset has increased significantly. This perception has driven hodlers to assume that the value of Bitcoin will continue to rise in the future, leading them to hold onto their investments.
Conclusion
The growing trend of unmovable Bitcoin is a testament to the power and potential of Bitcoin as a long-term investment. With hodlers holding onto Bitcoin for extended periods, the market for this digital asset can experience supply-side shocks in the future. Additionally, the trend can contribute to Bitcoin’s overall price volatility and create barriers to entry for new investors. While the underlying causes of this trend are not entirely clear, its implications are undeniable.
FAQs
Q1. What is unmovable Bitcoin?
Unmovable Bitcoin is Bitcoin that has not moved from one wallet to another for a certain period.
Q2. What are the implications of unmovable Bitcoin?
Unmovable Bitcoin can create a supply-side shock and lead to a shortage of Bitcoin in the market, drive up the price of Bitcoin, and create a barrier to entry for new investors.
Q3. What is causing the trend of unmovable Bitcoin?
The trend of unmovable Bitcoin can be attributed to several factors, including the proliferation of cryptocurrency exchanges, growth of institutional investment in Bitcoin, and scarcity of Bitcoin.
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