Blockchain analytics company Glassnode has released important metrics on the movements of the leading cryptocurrency.
The up-and-down movement of the leading cryptocurrency Bitcoin since mid-April has been frustrating for investors. Despite the volatile market movements, the fact that a large portion of Bitcoin supply has not moved has raised questions.
Blockchain analytics firm Glassnode recently released important on-chain data about Bitcoin. According to the Ancient Supply metric, 22% (4.25 million) of the current BTC supply (19.3 million) has not moved in the past seven years.
Interestingly, 356,000 of these ancient Bitcoins have never been bought or sold since the beginning of the blockchain industry.
The market value of the "ancient" supply, based on the current BTC price, is around $113 billion.
Another chart shared by Glassnode suggests that selling pressure could continue in the coming days.
According to the Net Transfer Volume metric, the number of BTC entering exchanges in recent days has been greater than the number leaving. Cryptocurrencies moving to exchanges are generally interpreted as being sent for sale.
This article is not investment advice. Anyone considering investing should do their own research and take their own risks.
