bitcoin: 15 million bitcoins stagnate in last six months amid crypto winter

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In significant concern to many in the cryptocurrency community amid the deepening crypto winter, the total amount of Bitcoin (BTC) idle for at least six months has risen to over 15 million.

According to an analysis by CryptoMonday.de, Bitcoin hodlers are becoming increasingly popular as investors look to hold onto their BTC for longer.

Hodlers are long-term holders of a cryptocurrency, buying and holding regardless of price.

The stagnant supply of BTC since 2010 has slowly increased over the years, with a few exceptions in 2018 and late 2021.

“This indicates that Bitcoin holders are increasing their holdings rather than trading or moving them,” the report said.

“The stagnation is due to the steady decline in BTC prices which has reduced people’s interest in trading at the moment. Also, the network may not be used as much as it once was. This could be due to the increasing use of alternative cryptos like Ethereum,” said Jonathan Merry, CEO of CryptoMonday.

Check out stories of your interestBitcoin stagnation may be a concern for many in the cryptocurrency community. On the one hand, it signals a lack of liquidity in the market which could cause massive price swings if there is even a slight change in demand.

It could also signal that institutional investors are causing BTC to lose its volatility and turn it into an asset with minimal price movement, according to the report.

“It may be too early to draw conclusions from this data. Nevertheless, it clearly indicates that ‘hodlers’ are increasing their holdings and remain confident in Bitcoin’s future,” the report said.

The price of BTC remains stagnant at around $17,000 each for some time.

It is possible that BTC has reached a saturation point, with most people interested in buying BTC having already done so.

“Furthermore, the current economic conditions are not conducive to the growth of BTC. People are more interested in saving and investing their money rather than speculating on the future value of BTC,” the report noted.

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