Anfold data show that 17% of the bitcoins in the cycle have not been transferred from their wallets for more than 7 years. It is possible that access to these currencies has been lost or that the owner is waiting to sell them at a reasonable price.
to the the report Dickript, the Unfolded platform that specializes in market statistics analysis, wrote on Twitter on Tuesday that a significant portion of bitcoins have not moved over the past seven years. The platform cited data from the HODL Wave as the source of the statistics. Hoodle View is an indicator provided by the analytical tool within the Glassnode chain.
The Hoodle View index tracks the time period between bitcoin transactions and shows a macro view of how long the currency has been held before the transfer. The word hoodle became famous after sending a famous post on Bitcoin Talk in 2013. One user at BitcoinTock advised others to keep their bitcoins and not sell them. He used the word Hodl instead of Hold.
The Hoodle View Index shows that more than 3.3 million bitcoins have not been transferred in the last seven years. This represents 17.87% of the bitcoin inventory in circulation and is worth $ 160 billion at current prices, which is a very high figure.
The text of Anfold’s tweet published on March 2 is as follows:
According to the Hoodle View Glasnood Index, 3.3 million bitcoins, or 17.87% of the current inventory, have not moved in the last seven years.
These bitcoins do not necessarily belong to whales that keep their bitcoins to sell at better prices. Whales are people who have a lot of bitcoins. Over the years, many bitcoins have been lost, either accidentally or in other ways, such as the death of the account holder and the forgetting of private keys.
Says Tim Frost, CEO of Yield Farming, the YIELD App:
Many of these early wallets have acquired bitcoins at low prices, or extracted or lost them, or forgotten their passwords, or are unable to access them. Until 2013, Bitcoin was almost a monopoly currency for many people who could not predict what the future would hold for Bitcoin.
Analytics firm Chainalysis released a report last year showing that 3.7 million bitcoins (more or less) were lost. This is 20% of the bitcoin stock in circulation in the last five years. The report also noted that only 3.5 million bitcoins are actively traded on the open market. Meanwhile, 11.4 million bitcoins are held as a long-term investment.
However, the Frost team believes that it is always possible for the owners of these immobile bitcoins to access them suddenly. He says:
These wallets are like potential hammers that can flood the market at any moment.
However, it is also possible to track these wallets. Glassone has another indicator called Coin Days Destroyed, which is sensitive to the sudden movement of old bitcoins.
As we can see in the chart above, at the end of 2018 (1397) and during 2019 (1398) when very old coins moved for the first time, there is a big jump in the chart.