Buy the dip? Bitcoin Supply Record 3.8% Last Seen at $30.2,000

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Bitcoin (BTC) at $30,000 is the most popular buy level ever, the latest on-chain data suggests.

According to figures from crypto analytics firm Glassnode, a record amount of BTC has changed hands near the current spot price.

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BTC price action may have stalled near the $30,000 mark, but buyer behavior suggests there is significant demand for the biggest cryptocurrency here and now.

Glassnode, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the highest number was created.

Figures come from companies’ entity-adjusted URPD or UTXO Realized Price Distribution metric. This counts UTXOs but ignores two important transaction types that could give a false impression of demand.

In this calculation, we disregard coin movements between addresses controlled by the same entity, as such transfers do not correspond to actual purchase events and would distort the actual average purchase price. Additionally, we exclude any offers that are found on exchanges, as a single average price for funds from millions of users would be misleading and lead to unwanted artifacts in the data, an explainer confirms.

The result is that 3.8% of the total BTC supply last moved $30,200 higher even than $16,500, marking the area near the post-FTX low. of 2022.

A big move is coming, popular crypto trader Mikybull commented in part out of a reaction to the entity-free adjusted dataset, which shows similar numbers.

URPD chart adjusted to Bitcoin entity. Source: GlassnodeOver 7 million BTC “stored or lost”

Other on-chain data reinforces the idea that alumni are not interested in selling their stake, despite the price of BTC doubling this year.

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The Glassnodes Hodled or Lost Coins metric, which covers what it describes as old and large reserves of BTC, continues to head for new all-time highs.

Hodled or Lost Coins is based on the so-called liveliness of the Bitcoin blockchain, how much of the supply moves at once and after which period of dormancy.

This data provides insight into stagnant supply, including, as the name suggests, how much is likely out of reach indefinitely, for example, due to portfolio owners losing access to their investment.

The Hodled or Lost Coins segment currently comprises 7.77 million BTC, worth approximately $233 billion. This is the highest tally in five years.

Bitcoin Hodled or Lost Coins chart. Source: Glassnode

Estimates have long suggested that around 20% of the 21 million units of Bitcoin may already be locked forever.

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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.

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