Analysis: Around 70% of Bitcoins Unspent for Six Months or More
Updated with additional comment from Tim Swanson. As many as 70% of all bitcoins in circulation have not moved in at least six months, according to data provided by Reddit user John Ratcliff. Ratcliff, a principal engineer at NVIDIA who in his spare time uses 3D tools to visualize blockchain analytics, published the new charts to provide the community with a better idea of how and when bitcoins have moved in recent months. Describing one of the charts, he said: "This graph shows, I believe, a reasonable measure of 'liquidity', in other words a measure of all bitcoins in existence, how many....
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In this piece, CoinDesk contributor Tim Swanson takes a look at the latest block chain data in an attempt to draw new conclusions about how bitcoins are being spent, why they're being held and what this may mean for the burgeoning market. John Ratcliff is a principal engineer at NVIDIA who has a unique hobby, using 3-D tools to visualize block chain analytics. Over the past several months he has created visual aids for the community, in part to help show trends and highlight uncertainty. For instance, below is a pie chart of UTXO (unspent transaction outputs), better known as bitcoins and....
The percentage of bitcoin unspent transaction outputs (UTXOs) in profit recently topped 98%, the highest level since December 2017.
Satoshi Nakamoto, the mysterious creator of bitcoin, has a lot of coins that remain unspent. What is he or she likely to do with them, and how might it affect the bitcoin universe? This article was inspired by a CoinDesk commenter, who worried that we don't know much about Satoshi's intentions. "That hoard gives him way, way, way too much potential influence and wealth," they said. Satoshi certainly has a lot of funds. Bitcoin security consultant Sergio Lerner's oft-cited analysis puts the figure at around 1m BTC, based on the early mining that he or she did. Most of those coins were....
Newly released research from the MIT Technology Review, a faculty-run university magazine, suggests that new bitcoins are increasingly being spent, not hoarded, by users after purchase. The data illustrates that the number of unspent, new bitcoins has declined drastically from 2009, when nearly half of all new bitcoins were held for the entire first year of ownership. Today, the vast majority of new bitcoins are spent within 24 hours, the findings suggest. The results led the researchers to conclude: "New bitcoins are now more likely to be spent than hoarded by speculators." Such findings....
Miners are back in accumulation mode, with 5,000 BTC added to Bitcoin’s unspent supply since the start of February. Bitcoin miners are stashing away their coins for higher prices, with direct transfers from miners to exchanges plummeting nearly 40% since mid-March.Data from on-chain analytics provider Glassnode shows that miners’ BTC balances have been increasing since late March, following heavy outflows throughout January and consistently reduced selling during February and earlier in March.Glassnode CTO Rafael Schultze-Kraft, notes several metrics pointing to recent miner accumulation —....