Glassnode analytics has revealed that the number of Lost Bitcoin or long-term held has reached a new high in the last five months which is 7,131,084. Colin Wu, Crypto Journalist, concluded this 33.96 % bitcoin of the total supply as out of circulation.
Bitcoin, aka granddaddy of cryptocurrency, is about to break the psychological resistance of $50k. The market is at a point of make-or-break and if it crosses this resistance then we will see new heights of Bitcoin. Glassnode analytics, the firm to provide the data about the crypto market, has revealed that Lost Bitcoin or long held are almost 1/3 of the total supply.
A crypto-journalist named ”Colin Wu ” shared the chart of lost coins or long held from his Twitter handle. He said that the lost or long-held coins are 33.96% precisely and this percentage is of the total supply of Bitcoin 21 million. Lost Bitcoin will help to control inflation.
Lost Bitcoin impact on Market:
Colin considers these coins out of supply because they or not involved in the daily transactions or trade. If supply is less then it becomes more scarce and the price gets a boom. Colin Wu further said:
“According to glassnode data, the number of long-term held or lost BTC has reached 7,131,084, accounting for about 33.96% of the total, which is the highest point in the past five months. This part of the Token can be regarded as out of circulation.”
These analytics are compared with the last 5 months and are higher than them. Not all of these coins are lost, some of these can be held in cold storage to get a maximum profit by the people who mined or bought Bitcoin in the early days. Lost Bitcoin are coins that were locked and their security key is forgotten.
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