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70% Bitcoins Have Lain for over One Year as Bitcoin Hit $28K Record High

Bitcoin skyrocketing to all-time new high at $28000 today, which is only two weeks since it hit a record high of $20000. Today, its market value has reached $500 billion which has almost ranked among the top 10 in the global stock market.

Since January 1, 2020, the amount of bitcoin that has not been transferred out of the address is 13 million: in terms of the current circulation of 18.58 million, 70% bitcoin has not moved since the year 2020, and this ratio may still be underestimated because it is calculated whether there is a transfer out record. For example, bitcoin in some exchanges are not included while there are also a lot of deposited assets.

Therefore, there are not as many bitcoin in circulation as expected. In addition, hundreds of thousands of bitcoins were bought by Grayscale and institutional tycoons this year. It is also because the thriving of DeFi. There are 140000 + various kinds of wbtc and renbtc mortgaged to the chain, as well as the centralized lending platforms which is also a little popular overseas.

Data from Alternative.me showed that trading sentiment in the cryptocurrency remained “extremely greedy” for more than a month on December 27. However, in this round of price pump, many crypto communities in China are still cheerless.

But the above analysts also suggest that the unilateral rise of the market is not a healthy performance of the market but a certain correction.

“The current round of bitcoin bull can be the result of high inflation expectations. What institutional investors care about is profit, not feelings like “bitcoin faith” or “blockchain revolution”. With the gradual recovery of the economy, monetary policy will gradually change from loose to moderate tightening after the epidemic has been gradually eased. At that time, institutional investors may sell bitcoin.”

Said William, chief researcher of OKEx Research. Now the market value of bitcoin has bounced to the 11th place in the global assets, exceeding the market value of Visa, a global payment giant. From the perspective of blockchain technology changing the world, it seems that it is only a matter of time for bitcoin to surpass the market value of Apple. After all, bitcoin is the originator of blockchain technology in addition to its own application value. The more blockchain technology goes into the world, the better bitcoin will be.

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