New Signs: Around 70% Of Bitcoin Hasn’t Moved For Over 6 Months

If you followed the cryptonews and cryptocurrency space over the past few years, you probably know of the term “HODL” which is basically a mispelling of the word “hold” – and an industry joke used by investors who believe that the price of BTC will appreciate with time. According to new signs, a reality like this might be coming soon primarily because of adoption and the asset’s disinflatory inflation schedule which was created by “halvings” every four years.

Even though “HODL” is seen as a joke by many people, hard data shows that it is more than just a meme. The new signs that we’d like to feature start with Alistair Milne of Altana Digital Currency Fund who recently noted that according to on-chain analytics and Bitcoin unspent transaction outputs (UTXOs) nearly 70% of the 18.12 million BTC in circulation “has not been moved for over 6 months.”

Even though this is notable and something to feature in the Bitcoin news now, Milne quipped that the last time this trend was seen was a few months out from the previous halving which was in 2016 following a brutal bear market.

Nearly 70% of all Bitcoin hasn't been moved for over 6 months.
Last time that happened was… approaching the 2016 halving. pic.twitter.com/aaTwWOPKqN

— Alistair Milne (@alistairmilne) December 27, 2019

The tweets by Milne come shortly after Mati Greenspan who is the founder of Quantum Economics made a similar observation in which he remarked that 6.8 million BTC has changed hands in the last 12 months which is less than 50% of all of the cryptocurrency that is in circulation now.

Meaning… less than 6.8 million BTC have changed hands in the last 12 months.

Remember, it's the scarcity that creates value. https://t.co/NVsJ5zIzf8

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) December 2, 2019

According to Eric Stone who is the head of data science at Flipside, the new signs include the fact that a large sum of Bitcoin is “dormant” which in turn implies that a “dramatic shift” in the cryptocurrency industry and market is on the horizon.

Even though Stone did not elucidate on what direction the said dramatic shift will take Bitcoin, analysts are certain that this pre-halving HODL mentality is a precursor to a massive bull run which is expected to make BTC’s 330% gain from January look like peanuts.

Still, all of these are rumors. At press time, Bitcoin is at $7,300 and very dormant compared to other price actions. However, the 70% of BTC which has not moved in 6 months proves that investors are willing to see how the cryptocurrency will play out in 2020.