Millions of Bitcoin Untouched for a Decade, Analysts Predict Rise in Lost Coins
Willy Woo, a prominent on-chain analyst, recently revealed that many Bitcoins (BTC) have remained inactive for over a decade.
In a message to his Twitter followers, he stated that the amount of BTC that hasn’t moved since 2013 is now worth more than $60.75 billion.
Woo added that approximately 2.6 million coins haven’t been touched for ten years.
“2.6 million coins right now haven’t moved in 10 yrs.
Chainalysis estimated 3.7 million coins were lost (2020 study).
Let’s see if this is supported in a few years, should climb to more than 3.7m coins by 2030.”
His findings come as fellow on-chain analyst Will Clemente highlighted that the amount of Bitcoin remaining inactive for more than ten years is now greater than that held on cryptocurrency exchanges.
READ MORE: Crypto Analyst Predicts Volatile Move to the Upside as Markets De-Correlate
Clemente also noted that the number of Bitcoin network users is increasing, which he views as a positive signal.
During every bear market, short-term tourists leave, but an increasing number of Bitcoin network users stick around.
This is the signal. pic.twitter.com/IBmAaMbJYJ
— Will (@WClementeIII) February 27, 2023
Meanwhile, analytics firm Santiment has reported a trend of BTC being withdrawn from crypto exchanges, leading to a decline in Bitcoin and Ethereum (ETH) supply in these exchanges.
👋 The trend in #crypto, particularly since September, has been coins quickly moving to self custody. This trend picked up after the #FTX collapse. Regardless, with both $BTC and $ETH around 5-year low exchange supplies, future sell-offs will be limited. https://t.co/VrWx8dfcMR pic.twitter.com/10ksxRamkx
— Santiment (@santimentfeed) February 28, 2023
At the time of writing Bitcoin is trading for $23,800 with a 1.75% increase in the past 24 hours and a $24.38 billion volume.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
