Buying Dip? Bitcoin Supply Record 3.8% Last Moved To $30.2K

The latest on-chain data shows that $30,000 is the most popular “buy” level for bitcoin (BTC) so far.

According to data from crypto analytics firm glassnodeA record amount of BTC changed hands close to the current spot price.

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

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

These figures come from the firm’s Entity-Adjusted URPD, or UTXO Realized Price Distribution metric. It calculates UTXOs but leaves out two important transaction types that can give a false impression of demand.

“In this calculation we exclude coin movement 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. Furthermore, we exclude all supply that occurs on exchanges, as an average price for millions of users’ funds would be misleading and lead to unwanted artifacts in the data,” confirmed a lecturer.

As a result, 3.8% of the total BTC supply last moved to $30,200 – more than $16,500, indicating a region close to post-2022 FTX bottoms.

Popular trader Mikibull Crypto, “The big move is coming.” commented In the response portion of the non-unit adjusted data set, which displays the same numbers.

Over 7 Million BTC “Hold or Lost”

Other on-chain data reinforces the idea that old hands have little interest in selling their holdings, despite BTC doubling in price this year.

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Glassnode’s Hoarded or Lost Coins metric, which it describes as “older and larger hoards” of BTC, is inching towards new record highs.

Hidden or lost coins are based on the so-called “liveliness” of the bitcoin blockchain – how much of the supply moves at once and what after a period of inactivity.

This data provides insight into how stable the supply is, including, as its name suggests, how likely it is to be out of reach indefinitely – for example, after wallet owners lose access to their investments. Cause

The hoarded or lost coins segment currently contains 7.77 million BTC, which is valued at approximately $233 billion. This is the highest number in five years.

Estimates have long suggested that about 20% of the 21 million units of bitcoin may already be locked from circulation forever.

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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.