Much of the World's Bitcoin Has Been Asleep Lately.
26 Mar 2023, 08:00
Much of the World’s Bitcoin Has Been Asleep Lately
It appears many of the world’s bitcoin units have “gone to sleep” over the past six months. A statement like this is not meant to be taken literally, but it appears there are several units of the world’s number one digital currency that have gone “dormant” in the last half year.
$370 Billion in Bitcoin Has Been DormantWhat this means is that a good portion of the bitcoin supply hasn’t moved. It hasn’t taken part in transactions, it hasn’t changed wallets, nothing has happened. As much as $370 billion in bitcoin has remained perfectly still, and this is to be expected following a long and bearish period like what we saw in 2022.
That year was arguably the worst on record for bitcoin and its many crypto cousins. The world’s primary form of crypto took on new form in November of 2021 when it hit a new all-time high of about $68,000 per unit. Things, however, went downhill from there when the currency chose to enter a 12-month bear period in which it lost more than 70 percent of its overall value. By the end of 2022, the currency was trading in the mid-$16K range. It was a sad and ugly sight to see.