Bitcoin (BTC) volatility has been at very low levels for a while. Bitcoin price doesn’t seem to know which way to go, testing investors’ patience. According to data from Glassnode, the majority of investors seem very optimistic about the future.
More and more BTC under the dust
According to the well-known crypto analytics platform, more than 13.3 million BTC have been untouched on the blockchain for at least a year. At today’s exchange rate, that huge stack is worth a staggering $388.7 billion.
Currently, the total circulating supply of Bitcoin equals 19,451,256 BTC, meaning that 68.54 percent of all Bitcoins in circulation have been dormant for at least a year. Two weeks ago, the metric hit an all-time high of 69.2 percent.
Obviously, some of this unused stash may contain lost coins, but the bottom line is that most of the current bitcoin owner believes in the long-term nature of cryptocurrency.
This morning you could also read in the Bitcoin News that almost 30 percent of all Bitcoins in circulation have not been moved for at least five years. In addition, the proportion that has been unused for at least two years has recently risen to a record 56 percent, and 40 percent of circulating supply has been untouched for at least three years.
This trend demonstrates investors’ strong belief in Bitcoin’s long-term value. Based on previous data, many investors will be optimistic about the BTC halving, which will take place sometime in April next year. This will reduce the number of new bitcoins put into circulation by 50 percent. The block reward will be halved from 6.35 BTC to 3.125 BTC.
While most investors don’t expect any fireworks until after the halving, Blockstream CEO Adam Back believes Bitcoin has some extremely good months ahead. In fact, the crypto pioneer believes that the king of cryptocurrencies will hit the magic $100,000 mark before April next year. So he made a bet worth 1 million satoshis, which is about $290.