Inactive for 10 Years: Bitcoin Over $60 Billion Beware

Willy Woo, who is closely followed by crypto money investors and known as an on-chain analyst, shared important data about Bitcoin.

Willy Woo, who is closely followed by crypto money investors and known as an on-chain analyst, shared important data about Bitcoin. According to Woo's statements via Twitter, millions of Bitcoin (BTC) have not been touched for the last 10 years.

Bitcoins That Haven't Moved for 10 Years

In his statements on Twitter, Woo told his followers that Bitcoin, which has a value of more than $ 60.75 billion since 2013, has not moved at all.

Woo said, “Currently, 2.6 million cryptocurrencies have been dormant for 10 years. He explained that Chainalysis estimated that 3.7 million cryptocurrencies were lost in their study in 2020.” used his words. According to Woo, the figure needs to rise above 3.7 million coins by 2030 to support this data.

On the other hand, Woo's comments came in response to a tweet in which on-chain analyst Will Clemente emphasized that the number of inactive Bitcoins for over a decade now exceeds the amount of BTC on crypto exchanges.

In his post on the subject, Clemente said, “The number of Bitcoins that have not moved for at least 10 years now is more than in exchanges.” He used his words and underlined that this is a “crazy” statistic.

Notable Situation in Using Bitcoin

Clemente also points out that over time, more and more market participants are using the Bitcoin network. “During each bear market, short-term investors leave, but an increasing number of Bitcoin network users stay. It's a signal." He uses his words.

On the other hand, analytics firm Santiment also shared data on the trend of BTC withdrawing from crypto exchanges. According to Santiment, the supply of Bitcoin and Ethereum (ETH) on crypto exchanges is declining rapidly.

Santiment made a statement on the subject, “The trend in crypto, especially since September, has been the rapid transition of coins to self-storage methods. This trend gained momentum after the collapse of FTX. Regardless, future sales will be limited as both BTC and ETH have the lowest stock market supply in the past five years.” used his words.