- Glassnode’s data showed that 91.7% of Bitcoin’s old supply was dormant or lost.
- Bitcoin’s current NetFlow trend revealed higher BTC inflows into exchanges, indicating more sales than withdrawals.
Bitcoin rollercoaster [BTC] value was nothing short of exciting and unnerving for investors. But here’s a surprising fact: Despite all the ups and downs, some parts of the BTC supply have remained dormant, unfazed by the turbulence in the market. Recent data has shed light on this curious phenomenon.
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Old Bitcoin
from Glassnode April 27 data revealed a fascinating fact about Bitcoin’s circulation — some parts of the cryptocurrency went untouched for as much as seven years or more.
Glassnode’s Ancient Supply metric has revealed that of the 19.3 million coins currently in circulation, only 4.25 million have reached the coveted Ancient Supply status.
More intriguingly, only 8.3% of ancient coins (equivalent to 356K) have been issued since their inception, leaving a whopping 91.7% (about 3.9 million) dormant or lost.
Source: Glassnode
At Bitcoin’s current price range, the value of these dormant or lost coins is a whopping $113.1 billion.
CoinMarketCap data revealed that BTC’s current market cap is around $566 billion. This means that if the current legacy supply were triggered, it could significantly impact both volume and price, potentially altering Bitcoin’s net flow.
Current Bitcoin Netflow status
Glassnode’s netflow data revealed an interesting trend in Bitcoin’s movement. The chart showed that there are currently a greater number of BTC entering the exchanges than leaving.
In other words, BTC inflows into exchanges were currently dominant, indicating more sales than withdrawals.
Source: Glassnode
At the time of writing, netflow data showed a substantial inflow of over 1,300 BTCs, indicating that there was still significant selling pressure in the market.
Current price development
Bitcoin made a small but significant recovery on April 27. It climbed back into the $29,000 price range and closed out the day’s trading at around $29,500. The closing price represented an increase in value of 3.62%.
Although it has since experienced a slight pullback, BTC was still hovering in the $29,000 price range.
Source: TradingView
Interestingly, despite the drop, Bitcoin’s short moving average (yellow line) continued to provide strong support around the $27,000 price region.
However, it still struggled to break the psychological barrier of the $30,000 price range. This range has proven to be a significant level of resistance in recent months.
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Bitcoin’s old supply may be dormant, but it’s unclear whether this will change the cryptocurrency’s price breaks through the predicted $100,000 mark.
If prices reached this level, holders of Ancient Supply coins could be incentivized to sell their holdings and realize significant profits, which would have a significant impact on the market.
