A major portion of Bitcoin supply is held for a long time in the wallets and few portion of the supply is available for purchasing and in the markets. A new report unveils that almost $66.5 billion in Bitcoin has lost forever and cannot be available to traders and investors.
14.8 Million in Circulation
Blockchain and crypto analytics firm Chainalysis reveals new data about the distribution of the whole Bitcoin supply. According to the report’s data, there is almost 14.8 million Bitcoin, which is in circulation. While the rest 3.7 million Bitcoin (approximately $66.5 billion) cannot be accessed by the investors as these are lost forever and cannot be recovered.
Chainalysis also reveals that 77% of total circulating Bitcoin has been stored for five years as people have locked BTC capital in wallets in anticipation of a big bull run. After subtracting 77% of the total amount, there remains only 3.4 million Bitcoin, which is present over trading platforms for buying and also affects the price value as a result. According to the report:
“The institutional move into cryptocurrency appears to be driven by a desire to hedge against macroeconomic uncertainty, which of course hasn’t been in short supply this year.”
The analytics company also states that the transfers of high value have been increased from the cryptocurrency exchanges this year. Transactions involving $1 million BTC or more from exchanges have surged 19% as compared to the value in 2017. The increase in transfers shows people have capital in large amounts dedicated to the purchase of the world’s leading digital asset.
The analysts at Chainalysis believe that Bitcoin is now on the path to overturn gold and win the title of best hedge investment tools against “macroeconomic trends.” And there are strong chances that investors are busy accumulating the top digital asset which will fuel Bitcoin adoption.
Bitcoin experts’ prediction may come true as the top digital currency is close to exceeding all-time high position standing at $20,000. At press time, Bitcoin is trading at $18,143 after an increase of 3.58% over the day.