{"id":138127,"date":"2019-07-01T21:44:12","date_gmt":"2019-07-01T18:44:12","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/60-of-bitcoin-hasnt-moved-in-a-year-despite-220-price-bump-in-2019\/"},"modified":"2019-07-01T21:44:12","modified_gmt":"2019-07-01T18:44:12","slug":"60-of-bitcoin-hasnt-moved-in-a-year-despite-220-price-bump-in-2019","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/60-of-bitcoin-hasnt-moved-in-a-year-despite-220-price-bump-in-2019\/","title":{"rendered":"60% of Bitcoin hasn\u2019t moved in a year \u2014 despite 220% price bump in 2019"},"content":{"rendered":"

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The price<\/a> of Bitcoin BTC<\/a> has risen over 220 percent since January\u00a0\u2014<\/span> but long-term holders are keeping their cool.<\/p>\n

Instead, Bitcoin\u2018s stellar second quarter actually attracted a steady stream of new sellers to the market, reports independent research firm Delphi Digital<\/a>.<\/p>\n

\u201cThe active portion of [Bitcoin] supply, which we categorize as the coins that have moved within the last three months, is beginning to slightly increase,\u201d said Delphi Digital. \u201cThe new sellers are actually mostly individuals who\u2019ve been holding for three-to-six months.\u201d<\/p>\n

21.5 percent of circulating Bitcoin hasn\u2019t moved in five years<\/h2>\n

Delphi Digital determines how long Bitcoin has been held by sorting its \u201cUnspent Transaction Output<\/a>\u201d (UXTO) data. The length of time an amount of Bitcoin stays put is referred to as its \u201cUXTO age.\u201d<\/p>\n

The cumulative<\/em> UXTO age of all the Bitcoins tells us how long the overall market has been holding. Bitcoin\u2018s UXTO age rises as holders refuse to sell, and it falls as more of its circulating supply is used regularly.<\/p>\n

According to Delphi Digital\u2019s analysis, 60 percent of Bitcoin\u2018s circulating supply\u00a0hasn\u2019t moved in at least a year, as indicated on the chart by the green line.<\/p>\n

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The amount of Bitcoin untouched in over five years (shown by the light blue line) has also steadily expanded. Over 21.5 percent of BTC\u2019s supply has not moved in at least five years.<\/p>\n

\u201cThis naturally leads us to wonder who the current sellers are in this market,\u201d said Delphi Digital.<\/p>\n

Traders have sent lots of Bitcoin to Binance<\/h2>\n

To gauge market sentiment, Delphi Digital checked the amount of Bitcoin that has flowed through major cryptocurrency exchanges like Binance and Bitfinex<\/a>.<\/p>\n

This kind of activity grew dramatically since January. In particular, Bitcoin outflows more-than-doubled between March and April.<\/p>\n

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Delphi Digital explained the surge in\u00a0Bitcoin outflows makes sense, as those who recently bought may seek to take their cryptocurrency off-exchange in preparation to hold. The rise in outflows also coincided with the beginning of April\u2019s price rally<\/a>.<\/p>\n

Binance<\/a> appears to be the main choice for Bitcoin holders looking to make deposits. Delphi Digital noted Binance accounted for a whopping 47 percent of inflowing BTC last month, up from 24 percent in the first quarter of 2019.<\/p>\n

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As for what comes next for the cryptocurrency market, Delphi Digital expressed that some may see the recent run past $13,000 (and the eventual pull-back)\u00a0as a \u201cblow off top,\u201d which could see Bitcoin move side-ways for a while. This might create opportunity for an \u201calt season.\u201d<\/p>\n

\u201cA move of this size and concentration to any exchange would suggest selling, but because it\u2019s Binance, it leaves open the possibility that individuals are looking to move into alts now,\u201d suggested the firm.<\/p>\n

\u201cBitcoin is certainly still in the driver\u2019s seat, so trying to time an alt rally could leave you catching a falling knife. It makes more sense to instead forgo some early upside on alts and wait for a strong confirmation,\u201d warned Delphi Digital.<\/p>\n

Disclaimer: This article is for educational purposes only, and should not be considered investment advice.<\/i><\/p>\n

\n Published July 1, 2019 \u2014 12:39 UTC\n <\/p>\n<\/p><\/div>\n