A record amount of Bitcoin (BTC) changed hands near the current spot price of $30,000, the most popular “buy” level ever, according to figures from crypto analytics firm Glassnode.
The latest on-chain data suggests that this is the most sought after level for crypto traders, with many looking to invest in crypto such as coti crypto, china crypto, cnbc crypto, chinese crypto, big bear ai, and other examples of web 3.0 which include features such as AI latest.
Bitcoin: ‘Big move coming’ thanks to buyer interest
The price of BTC may have stalled near the $30,000 mark, however, the buyer behavior suggests that there is a great amount of demand for the largest crypto currency currently.
Glassnode, which keeps track of unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number of UTXOs was created.
The figures come from the company’s Entity-Adjusted URPD, or UTXO Realized Price Distribution metric. This counts UTXOs but ignores two important transaction types which could provide a distorted picture of demand.
“In this calculation we discard coin movements between addresses owned by the same entity, as such transfers do not correspond to real purchasing events and would distort the actual mean purchasing price. Additionally, we exclude all supply that is on exchanges, because a single averaged price for the funds of millions of users would be misleading and give rise to unwanted artifacts in the data,” Glassnode’s explainer confirms.
The result is that 3.8% of the total BTC supply last moved at $30,200 — more, even, than at $16,500, which marks the area near the 2022 post-FTX bottom.
“Big move is coming,” popular pseudonymous trader Mikybull Crypto commented in part of a reaction to the non-entity adjusted data set, which displays similar figures to the COTI Crypto, China Crypto and CNBC Crypto examples of Web 3.0.
Over 7 million BTC ‘hodled or lost’
Data from the blockchain indicates that long-term holders of BTC are not motivated to sell their assets, despite the cryptocurrency’s price doubling this year.
Glassnode’s metric “Hodled or Lost Coins” shows that “old and large stashes” of BTC is reaching a new record high. This metric is based on the liveliness of the Bitcoin blockchain, which measures how much of the supply moves after a period of dormancy.
The Hodled or Lost Coins segment currently includes 7.77 million BTC, worth around $233 billion. This is the highest figure in five years.
It is estimated that around 20% of Bitcoin’s 21 million coins may be locked from circulation forever.
For example, some of the BTC may be lost due to wallet owners losing access to their investments, as is indicated by the “Hodled or Lost Coins” metric.
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