Bitcoin (BTC) has seen record demand near its current spot price of $30,000, according to the latest on-chain data from crypto analytics firm Glassnode. Their Entity-Adjusted URPD metric counts unspent transaction outputs (UTXOs) but excludes coin movements between addresses controlled by the same entity, as well as all supply that is on exchanges. This has revealed that 3.8% of the total BTC supply last moved at $30,200 – more than at the $16,500 post-FTX bottom.
This enthusiasm was reflected in popular trader Mikybull Crypto’s comment that “Big move is coming” in reaction to the non-entity adjusted data set.
On-chain data also reveals that 7.77 million BTC, worth around $233 billion, is hodled or lost, the highest tally in five years. This indicates that old hands are reluctant to sell their stake, despite the doubling of BTC’s price this year. Estimates have long suggested that around 20% of Bitcoin’s 21 million units may already be locked from circulation forever.
It is important to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
