Ancient Bitcoin supply nears all-time highs: What this means for experienced HODLers
Quick Take
- Given the infamous volatility of Bitcoin markets, coins aged 5yr or more are typically owned by HODLers who are very experienced in market cycles (or they are lost).
- These coins are spent infrequently and represent just a small fraction of the daily transfer volume (if any). We refer to these as colloquially Ancient coins.
- However, these coins may have also been acquired at much lower prices by mining or on secondary markets. When these coins are spent, they can represent very large USD-denominated values at modern prices.
- Currently, these coins, as a supply %, are either at all-time highs or just below their all-time high.
- In addition, ancient coins being spent is a normal occurrence in bear markets — especially last year during capitulation events. Examples can be seen with FTX and Luna collapse.
Coins aged 7yr+: 5.540M Bitcoin (All-Time High)
Coins aged 5y-10y: 2.766M Bitcoin (2% off its all-time high)
Coins aged 5y-7y: 1.642M Bitcoin (All-Time High)
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