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$3.6 billion worth of Bitcoin coaxed from long-term storage by November rally

The November BTC rally to test all-time price highs saw more than 1% of Bitcoin’s supply move out of long-term storage.

According to Unchained Capital’s ‘hodlwaves’ metric, which measures the time since Bitcoin has moved on-chain, roughly 15% of the Bitcoin that had not been moved for five and seven years as of Nov. 1 were finally transferred on-chain during the month of November.

The share of BTC supply represented by coins that were previously dormant for between two and three years also fell from 12.20% to 11.58% — a relative decline of nearly 5% over November, while coins that had not moved for between one and two years dropped from 17.87% to 17.13% — a relative drop of 4%.

However, the number of Bitcoins that have sat still for at least seven years increased slightly over the month.

Surprisingly, short-term on-chain Bitcoin transfers fell during November, with the share of supply that last moved between one day and one week sliding from 3.72% at the start of the month to 2.94% on Nov. 30.

November’s largest shift occurred in the one-week to one-month hodlwave, which shows the share of Bitcoin’s supply that last moved between seven and 30 days. It increased from 6.28% to 8.20% during November.

Only 38.5% of Bitcoin’s supply has been active on-chain in the past 12 months.

Crypto market data aggregator Glassnode released another bullish metric, estimating that nearly 19.6 million Bitcoin addresses were active during November.

Active Bitcoin addresses: Glassnode

As such, November saw the second-highest number of active wallets during a single month in Bitcoin’s history, sitting behind only the 21.6 million wallets that were active during December 2017.

November comprised the single-largest monthly candle in Bitcoin’s history when measuring from opening price to closing price, with BTC rallying 42% from roughly $13,800 to $19,700.





2020-12-04 03:51:25

Cointelegraph

Bitcoin News Network

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