According to intotheblock data, more than 30% of the Bitcoin supply has not moved in the past five years.

Many first-generation blockchains (such as Bitcoin) use the UTXO model to record user funds. Based on the UTXO data, it is possible to observe how long the holder holds the funds before spending them.

While some of the unmoved bitcoins may be lost, most are likely to be held by long-term holders, suggesting that despite market volatility, there is still a group of firm believers in bitcoin.