bitcoin (BTC) at $30,000 is the most popular “buy” level ever, the latest on-chain data suggests.
According to figures from the cryptanalysis firm glass nodea record amount of BTC changed hands near the current spot price.
Bitcoin: "A Big Move Is Coming" Thanks to Buyer Interest
BTC price action may have stalled near the $30,000 markbut buyer behavior suggests that there is significant demand for the largest cryptocurrency in the here and now.
Glassnode, which monitors Unspent Transaction Outflows (UTXOs), shows that $30,200 is the price at which the largest number was created.
The figures come from the metric of Distribution of Prices Realized UTXO or URPD Adjusted to the Entity of the company. This counts UTXOs but rules out two important transaction types that could give a false impression of demand.
“In this calculation we discard the movements of currencies between addresses controlled by the same entity, since such transfers do not correspond to real purchase events and would distort the average real purchase price. Furthermore, we exclude all supply that is on exchanges, because a single average price for funds from millions of users would be misleading and lead to unwanted artifacts in the data,” an explainer confirms.
The result is that 3.8% of the total BTC supply last moved to $30,200, even higher than $16,500, which marks the area near the Post-FTX 2022 Background.
“A Big Move Is Coming,” Popular Trader Mikybull Crypto commented partly as a reaction to the non-entity adjusted data set showing similar numbers.
More than 7 million BTC "held or lost"
Other on-chain data reinforces the idea that veterans are not interested in selling their stake, despite this year's BTC price doubling.
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Glassnode's Hodled or Lost Coins metric, which covers what it describes as "big old stashes" of BTC, continues to head towards new all-time highs.
Hodled or Lost Coins is based on the so-called "liveliness" of the Bitcoin blockchain: how much of the supply moves at a time, and after what period of inactivity.
This data gives an idea of how stagnant the supply is, including, as the name suggests, how much it is likely to be out of reach indefinitely, for example due to wallet owners losing access to their investment.
The Hodled or Lost Coins segment currently includes 7.77 million BTC, worth around $233 billion. This is the highest account in five years.
Estimates have long suggested that around 20% of Bitcoin's 21 million units may already be blocked from circulation forever.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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