New data from crypto analytics firm Glassnode reveals that Bitcoin (BTC) at $30,000 has become the most popular “buy” level to date. Despite the price action of BTC stalling near this mark, buyer behavior indicates a significant demand for the largest cryptocurrency in the market. Glassnode’s Entity-Adjusted URPD (UTXO Realized Price Distribution) metric, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number of BTC was created. This data excludes certain transactions that could distort the actual mean purchasing price and provide a false impression of demand.
Old Hands Hold Firm on Their Bitcoin Stakes
Contrary to expectations, long-term Bitcoin holders show little interest in selling their BTC, despite the doubling of its price this year. Glassnode’s Hodled or Lost Coins metric, which tracks “old and large stashes” of BTC, continues to climb toward new record highs. By examining the “liveliness” of the Bitcoin blockchain, this metric provides insights into the movement and dormancy of the coin supply. It also indicates how much BTC may be inaccessible indefinitely, such as when wallet owners lose access to their investment. Currently, the Hodled or Lost Coins segment includes 7.77 million BTC, with a value of approximately $233 billion. This represents the highest tally in the past five years.
Predicting a “Big Move” in Bitcoin
Pseudonymous trader Mikybull Crypto reacted to the non-entity adjusted data set, which displays similar numbers, suggesting that a “big move” in Bitcoin is on the horizon. The data supports the notion that there is significant demand for BTC at the $30,000 level, indicating a potential price shift in the near future.
The Inaccessible Bitcoin Supply
Estimates have long indicated that around 20% of Bitcoin’s 21 million units may already be locked from circulation forever. Glassnode’s data on Hodled or Lost Coins reinforces this notion, as it shows a growing number of BTC that is likely to remain out of reach indefinitely. This inaccessible supply currently amounts to 7.77 million BTC, worth approximately $233 billion, representing the highest tally in the past five years.
In summary, the latest on-chain data suggests that Bitcoin’s $30,000 price level is experiencing significant demand. A record amount of BTC changed hands near this price, indicating strong buyer behavior. Furthermore, long-term holders show little interest in selling their BTC, as indicated by the increasing number of Hodled or Lost Coins. These factors, combined with the inaccessibility of a significant portion of the Bitcoin supply, suggest that a major price movement may be on the horizon.