Bitcoin price might be struggling but as we reported the fundamentals of the network are keeping strong. The hash rate of the network recently made it yet another new high. Also, the bitcoin unrealized profit points towards a rally on the horizon as it reached to the level seen before the 2017 bull rally.
Now, yet another of the metric, the percentage of bitcoin not touched in at least two years is approaching the level not seen since mid-2017.
As of March 1st, nearly 42 percent of all Bitcoin hasn’t been moved on-chain for about two years, as per Coin Metrics’s latest report. The amount of bitcoin unmoved in over two years basically hasn’t surpassed 42% since July 2017.
No Spike in Transfer Value Despite the Drop
Recently, we saw bitcoin price sliding under $9,000 level, however, it didn’t result in a large spike in transfer value. Such spikes were registered on Feb. 3rd and 7th but this time there haven’t been any ”abnormally” large spikes since early February.
This data is based on the bitcoin transfer value days destroyed where BTC transfer value is multiplied by the number of days since those BTC were last transacted. Basically, the coin that hasn’t been transacted in say 100 days is given more weight than the one transacted just a day ago.
The BTC transfer value days climbed to its peak during the last bull cycle, towards the end of 2017 and crashed in mid-2018. The spike in late 2018, the time the bitcoin price bottomed out at $3,200 was the largest one ever.
A jump in this metric signals that long-dormant bitcoins have been transferred, which potentially precede sell-offs but not this time. The volume on top ten exchanges with real volume has also been keeping below $1 billion, going as low as mere $250 million when most of 2020, so far it remained above a billion-dollar.