Topic: 10M Bitcoins Haven’t Moved in More Than a Year, Highest Since 2017 (Read 861 times)
January 24, 2020, 02:44:42 AM
Many people bought Bitcoin when it was trading in the range of 14-20 thousand dollars. Then, when the price dropped below 10 thousand dollars, and a little later reached the price bottom of last year at the level of 3 thousand dollars, then people simply did not make any sense to sell an asset that fell in price several times. Now many people are just waiting for an increase in the value of Bitcoin to at least sell it with the least losses.
January 23, 2020, 10:25:40 PM
Much more scarier is the fact that this too high of an amount didn't circulate in the market which is bad for a currency in the rise like bitcoin. Hopefully things change for the better on this coming halving because if it doesn't end well bitcoin might collapse, which will pretty much mean certain death for the cryptocurrency world.
I think this is proof that bitcoin is no longer a means of payment, or a currency. It's a digital asset.
If there is to be a currency, it will likely be an alt that is inflationary that people are happy to spend (like doge or steem).
January 23, 2020, 10:04:18 PM
https://www.coindesk.com/10m-bitcoins-havent-moved-in-more-than-a-year-highest-since-2017
I think the rise from around $3,300 to $7,500 in 2019 was definitely people accumulating in anticipation of the halving.
Watch for rapid sales though as bitcoin reaches it's price targets.
I agree with you maybe in 2019 yesterday many people chose to keep holding bitcoin. they choose to keep waiting and hope big on bitcoin halving day. or those who hold bitcoin are those who buy bitcoin at high prices. they don't want to suffer a loss and finally decide to keep holding bitcoin. Quote
About 10.7 million bitcoins haven’t moved in more than 12 months, according to Digital Assets Data, a fintech company building crypto data feeds.
Considering the total number of bitcoins in circulation is 18.14 million, this also means nearly 60 percent of the coins remained dormant and only 40 percent participated in the price action seen in 2019. The percentage of bitcoins lying dormant for over a year is at its highest level since early 2017.
“The sheer size of unmoved bitcoin is definitely a sign of the developing community of HODLers,” Kadan Stadelmann, chief technology officer at Komodo Platform, told CoinDesk.
The top cryptocurrency witnessed substantial swings last year, rising from $3,693 to $13,879 in the first six months only to fall back to $7,179 by mid-December. Thus, bitcoin just about doubled last year despite the brutal sell-off in the second half.
Even so, a large number of bitcoins remained inactive, possibly because investors are expecting a significant price rise following the mining reward halving, due in May. The process, repeated every four years, reduces block rewards by half in order to keep inflation under check.
However, if the market doesn’t live up to lofty expectations, some selling could be seen, Stadelmann said. In that case, the sum of bitcoins lying dormant would drop.
Considering the total number of bitcoins in circulation is 18.14 million, this also means nearly 60 percent of the coins remained dormant and only 40 percent participated in the price action seen in 2019. The percentage of bitcoins lying dormant for over a year is at its highest level since early 2017.
“The sheer size of unmoved bitcoin is definitely a sign of the developing community of HODLers,” Kadan Stadelmann, chief technology officer at Komodo Platform, told CoinDesk.
The top cryptocurrency witnessed substantial swings last year, rising from $3,693 to $13,879 in the first six months only to fall back to $7,179 by mid-December. Thus, bitcoin just about doubled last year despite the brutal sell-off in the second half.
Even so, a large number of bitcoins remained inactive, possibly because investors are expecting a significant price rise following the mining reward halving, due in May. The process, repeated every four years, reduces block rewards by half in order to keep inflation under check.
However, if the market doesn’t live up to lofty expectations, some selling could be seen, Stadelmann said. In that case, the sum of bitcoins lying dormant would drop.
I think the rise from around $3,300 to $7,500 in 2019 was definitely people accumulating in anticipation of the halving.
Watch for rapid sales though as bitcoin reaches it's price targets.
January 23, 2020, 08:55:14 AM
They are certified hodlers, not into rush and they know when to unload. It means that there are plenty of Bitcoin’s when FOMO’s rush into market. There’s always buyers when those 10 million are unloaded.
They might be or maybe the owner of that is already dead, which I hope not, I mean that is just a speculation. As far as I know, these HODLers like to move their huge amount of bitcoin from wallet to wallet, and they don't usually put all of it in one wallet, they cut it into pieces and manage with different wallets. that is 10 million bitcoins, almost half of the total supply.
January 23, 2020, 03:38:06 AM
Sounds about right. The goal is to not "lose" them all at once anyway. I'd probably prefer a steeper rise to compensate for the spread but that do sound like a good plan.
Yes we can make step back but we must keep out eyes in market so that in case of mistake we can remain careful. Market keep moving and we should be wise enough to get chance to have some money from it. So buy at lowest price and keep waiting for it. Spreading your money in coins to different percentages is also good planning though.I understand the buy low sell high adage and I'm trying to watch movement carefully, especially since this is pretty much the only btc I have left. I no longer spread them out into different coins though, I've pretty much lost interest trading alts long time ago. I found it too much of a hassle and decided to just watch the btc/fiat pairing which is what matters the most to me.
January 23, 2020, 12:48:37 AM
I think most people are thinking that bitcoin will soon grow to $ 100k in the future, so they plan to hold it for a long time. On the other hand, these may be the wallets of the whales, which will soon be unlocked when bitcoin's price reaches a certain threshold in the future. So we can keep track of these wallets, and when it's volatile, it's time to sell Bitcoin. because with 10m of bitcoins it can bring down the market at any time.
January 22, 2020, 07:36:30 PM
They are certified hodlers, not into rush and they know when to unload. It means that there are plenty of Bitcoin’s when FOMO’s rush into market. There’s always buyers when those 10 million are unloaded.
They might be or maybe the owner of that is already dead, which I hope not, I mean that is just a speculation. As far as I know, these HODLers like to move their huge amount of bitcoin from wallet to wallet, and they don't usually put all of it in one wallet, they cut it into pieces and manage with different wallets. that is 10 million bitcoins, almost half of the total supply.
January 22, 2020, 07:31:16 PM
They are certified hodlers, not into rush and they know when to unload. It means that there are plenty of Bitcoin’s when FOMO’s rush into market. There’s always buyers when those 10 million are unloaded.
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January 22, 2020, 06:40:37 PM
I read somewhere about a plan, which I personally liked very much, but hadn't a chance to try it yet. During a bull run, when the price rises around 20% per week, sell 5% of what you have, once a week, but only when the price is 20% higher than it was during a previous sell. Thus you won't miss a bull run, and you won't sell everything in the wrong time. And, of course, don't forget to buy back during a steep decline.
Sounds about right. The goal is to not "lose" them all at once anyway. I'd probably prefer a steeper rise to compensate for the spread but that do sound like a good plan.
January 22, 2020, 01:16:40 PM
Probably those people realized it bottomed out then find out in charts that it had an 80% correction they started accumulating while the price, is pretty cheap and wait for the next halving cycle or bullrun. For me, i've recently started buying back cause i dont have much to invest in anyways but its probably to late, now that the price is starting to look good.
During this time of the year it is never too late to accumulate and buy more btc because cryptocurrency is not its peak yet. Like what you said what those people did wait for the perfect time to sell on a good price and the situation is perfect while everyone is waiting for the halving effect.
January 22, 2020, 10:05:24 AM
~
That's the uncertain part of it. I believe the more advanced traders out there have tools for prediction, I don't so there's the risk of missing out. I still think that's better than nothing and I prefer this over trading alts. Me I'd just watch whatever the price would be on the halving then maybe wait to see if it'll rise higher than 25% of that and then sell and wait for the next cycle.
I read somewhere about a plan, which I personally liked very much, but hadn't a chance to try it yet. During a bull run, when the price rises around 20% per week, sell 5% of what you have, once a week, but only when the price is 20% higher than it was during a previous sell. Thus you won't miss a bull run, and you won't sell everything in the wrong time. And, of course, don't forget to buy back during a steep decline.
Sounds about right. The goal is to not "lose" them all at once anyway. I'd probably prefer a steeper rise to compensate for the spread but that do sound like a good plan.
January 21, 2020, 03:26:14 AM
~
That's the uncertain part of it. I believe the more advanced traders out there have tools for prediction, I don't so there's the risk of missing out. I still think that's better than nothing and I prefer this over trading alts. Me I'd just watch whatever the price would be on the halving then maybe wait to see if it'll rise higher than 25% of that and then sell and wait for the next cycle.
I read somewhere about a plan, which I personally liked very much, but hadn't a chance to try it yet. During a bull run, when the price rises around 20% per week, sell 5% of what you have, once a week, but only when the price is 20% higher than it was during a previous sell. Thus you won't miss a bull run, and you won't sell everything in the wrong time. And, of course, don't forget to buy back during a steep decline.
Sounds about right. The goal is to not "lose" them all at once anyway. I'd probably prefer a steeper rise to compensate for the spread but that do sound like a good plan.
January 20, 2020, 08:40:22 AM
Over the year two schools of thoughts have been developed in regards to Bitcoin. One school of thoughts emphasis on the idea of increasing the utility of Bitcoins while the other stress on the idea of increasing the price of Bitcoin. As a result, Bitcoin have been caught somewhere in-between of these two poles. That is the main reason why we see circular moves in the prices of Bitcoin (hyperbola). When utility increases demand increases, this results in the increase in price, this results in volatility making bitcoin unfit for utility, which decreases demand, resulting in price decrease. The circle continues revolving.
This is a true statement, there are conflicting interest and ideology, the fact is for something that has to have valuation you need to have the utility, if the entire market is about speculation about the price and no utility then it will have the same affect as the Tulip Mania and that is not what we want. I am expecting more merchant adoption and utility in bitcoin in the next 10 years. January 20, 2020, 07:52:46 AM
Probably those people realized it bottomed out then find out in charts that it had an 80% correction they started accumulating while the price, is pretty cheap and wait for the next halving cycle or bullrun. For me, i've recently started buying back cause i dont have much to invest in anyways but its probably to late, now that the price is starting to look good.
During this time of the year it is never too late to accumulate and buy more btc because cryptocurrency is not its peak yet. Like what you said what those people did wait for the perfect time to sell on a good price and the situation is perfect while everyone is waiting for the halving effect.
January 20, 2020, 07:45:58 AM
A lot of HODlers here. It may make great dump if they will want to finally sell
yes it will .imagine 10 million bitcoins , not just that but the number is growing when combined with other institutions or just the regular individuals that also hodl bitcoin . it was like a dump that never seen before . it was bad to me if that happens but good to some because they can buy btc 's . what makes me stronger is that i know the possibility for that to happen is only slim because people will always expect for more price hike , the higher the bitcoin price reach
There are still a lot of people who believe in the ability of bitcoin in terms of economic growth or it is very profitable. Although, it is not that reliable nowadays because of its price, but the holders are still hoping for the bitcoin to give them what they need and want. Many bitcoin are wasted and were not moving because of the holders that have so much expectation and hope in bitcoin. But in this time they chose to suffer from waiting and the only thing they have is patience.
Is that still true? I don't think there are many people who believe in "going to the moon" any longer. They believe that bitcoin MIGHT go to £20,000, and there may be a lot of selling at that point. The last time that happened, the wave of selling pushed bitcoin down to $3,500.
Being bullish or optimistic is common but going to unrealistic levels isnt a good thing to be done. 10M coins which havent moving
does signify that there are lots of hodlers and if these people tend to sell then it will surely affect the market bigtime but
now it isnt the right time for that.
January 20, 2020, 07:30:41 AM
A lot of HODlers here. It may make great dump if they will want to finally sell
yes it will .imagine 10 million bitcoins , not just that but the number is growing when combined with other institutions or just the regular individuals that also hodl bitcoin . it was like a dump that never seen before . it was bad to me if that happens but good to some because they can buy btc 's . what makes me stronger is that i know the possibility for that to happen is only slim because people will always expect for more price hike , the higher the bitcoin price reach
There are still a lot of people who believe in the ability of bitcoin in terms of economic growth or it is very profitable. Although, it is not that reliable nowadays because of its price, but the holders are still hoping for the bitcoin to give them what they need and want. Many bitcoin are wasted and were not moving because of the holders that have so much expectation and hope in bitcoin. But in this time they chose to suffer from waiting and the only thing they have is patience.
Is that still true? I don't think there are many people who believe in "going to the moon" any longer. They believe that bitcoin MIGHT go to £20,000, and there may be a lot of selling at that point. The last time that happened, the wave of selling pushed bitcoin down to $3,500.
January 20, 2020, 07:01:44 AM
A lot of HODlers here. It may make great dump if they will want to finally sell
yes it will .imagine 10 million bitcoins , not just that but the number is growing when combined with other institutions or just the regular individuals that also hodl bitcoin . it was like a dump that never seen before . it was bad to me if that happens but good to some because they can buy btc 's . what makes me stronger is that i know the possibility for that to happen is only slim because people will always expect for more price hike , the higher the bitcoin price reach
There are still a lot of people who believe in the ability of bitcoin in terms of economic growth or it is very profitable. Although, it is not that reliable nowadays because of its price, but the holders are still hoping for the bitcoin to give them what they need and want. Many bitcoin are wasted and were not moving because of the holders that have so much expectation and hope in bitcoin. But in this time they chose to suffer from waiting and the only thing they have is patience.
January 20, 2020, 04:58:32 AM
In fact, this is the most interesting and most promising. The owners of such volumes could drop or raise the price several times, while earning a lot of money on this.
But they do not. Why? Or they are not interested, but then why do they need bitcoin? Or they know something that most do not know.
Out of these 10M, it is estimated that at least 4M are lost for good (especially old ones) - as owners lost passwords or old HDD with wallets got broken. Not to mention those belonging to Satoshi himself or some people who may be deceased/imprisoned.But they do not. Why? Or they are not interested, but then why do they need bitcoin? Or they know something that most do not know.
Next, many BTCs are stored on hardware/cold wallets belonging to biggest exchanges (and because of low trading volume in general, these had not been moved). Next, we still have a group of people who do not make any BTC transactions because they consider it as a form of the pension scheme.
Nevertheless, there are not so many BTC wallets with a huge amount of BTC, enough to actually cause pump and dump.
January 19, 2020, 03:58:27 PM
In fact, this is the most interesting and most promising. The owners of such volumes could drop or raise the price several times, while earning a lot of money on this.
But they do not. Why? Or they are not interested, but then why do they need bitcoin? Or they know something that most do not know.
But they do not. Why? Or they are not interested, but then why do they need bitcoin? Or they know something that most do not know.
January 19, 2020, 06:38:54 AM
Probably those people realized it bottomed out then find out in charts that it had an 80% correction they started accumulating while the price, is pretty cheap and wait for the next halving cycle or bullrun. For me, i've recently started buying back cause i dont have much to invest in anyways but its probably to late, now that the price is starting to look good.
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