Bitcoin (BTC) might be a store of value (SoV) for over $1.03 trillion in equivalent across all exchanges and wallets. This massive sum is calculated by combined CEXes and OTC transfer indicators, CryptoQuant platform CEO Ki Young Ju says.
$1,030,000,000,000: Bitcoin "Store of Value" metric adds 85% in 2024
Bitcoin (BTC), the largest cryptocurrency, has evolved into an unbelievably large store of value. Across various classes of services, it may see over $1.03 trillion parked, Ki Young Ju, CEO of analytical platform CryptoQuant shared in a tweet with his 390,000 followers.
#Bitcoin serves as a Store of Value (SoV).So, how much capital is stored on the network? Combining off-chain and on-chain data, the estimate is $1.03T, up 85% this year. pic.twitter.com/87db5xgK3k
— Ki Young Ju (@ki_young_ju) December 30, 2024
The metric itself is extremely hard to calculate thanks to Bitcoin's (BTC) volatility and low transparency of centralized exchanges and over-the-counter (OTC) trading platforms. Ki Young Ju explained the methodology that attempts to calculate how much money is really stored in BTC.
Bitcoin's SoV metric includes exchange reserves multiplied by volume weighted average price (VWAP), an estimate of the capital entering the market via exchanges. It counts the average price market participants paid for Bitcoin during a given period.
Also, the Bitcoin SoV indicator includes USD-denominated OTC and exchange deposits/withdrawals. It also tracks the actual price of transactions at the time of their occurrence.
In the past 12 months, this crucial indicator jumped by 85%, the CryptoQuant CEO added.
Bitcoin (BTC) hashrate routinely prints ATH today
At the 2017 Bitcoin (BTC) price peak, the Bitcoin SoV metric reached $130 billion, while the 2021 high pushed it to $700 billion. In this bullish rally, the indicator smashed its previous high in early Q3, 2024, data shows.
In the last days of 2024, Bitcoin (BTC) network metrics also reached all-times highs. Bitcoin's hashrate hit 841.64 Ehash/s with a 3.81% upsurge in 24 hours.
Also, Bitcoin (BTC) mining difficulty hit 108T after today's adjustment. In the last 12 months, this indicator added over 50%. Both difficulty and hashrate metrics hint at notable Bitcoin (BTC) miners' optimism as more and more computers join the network.
By contrast, Bitcoin's (BTC) price failed to surge. In 24 hours, it lost 1.12% and tumbled to $93,900.
