Jamie Redman


On early Sunday morning around 1:38:02 a.m. (New York time), approximately 20 blocks with coinbase rewards from 2010 were spent in one block. 1,000 BTC was then consolidated into a single address before moving again. The massive movement of the decade-old ‘sleeping’ bitcoins was caught by an onchain transaction parser and the coins were spent in block 652,204.

** Update, approximately 9.99999943 BTC or $114k worth of the 1,050 bitcoins from 2010 were sent to the Free Software Foundation.
Miner Spends 21 Blocks from 2010 Following the Same Pattern That Happened the Day Before Black Thursday

Similar to the big move the day before March 12, the miner also transferred one last 2010 block mined at block height 652,229, to finish off the group of transactions making it a total of 21 consecutive 2010 block rewards moved.

What we know so far is quite a bit of ‘Satoshi era’ or so-called ‘sleeping’ bitcoin rewards from 2010 moved during the early morning hours on Sunday morning. The action was caught by the application, as a bitcoin miner or miners decided to spend approximately 21 blocks from 2010 around 1:38 a.m. (ET).

The onchain parser caught the action on Sunday morning on October 11, 2020. Btcparser’s application shows three types of parsed data obtained from the Bitcoin (BTC) blockchain. The first parser combs the BTC blockchain for activity related to 64,529 addresses stemming from 2009 through 2017.

The 2010 blocks spent in total on Sunday held 1,050 BTC or $11.9 million at current BTC exchange rates. was also the first to catch the spending of 21 blocks from 2010, that a miner or group of miners, transferred the day before March 12, 2020, otherwise known as ‘Black Thursday.’

The movement of ‘sleeping’ bitcoin rewards is not a regular occurrence, and especially coins that were mined ten years ago that have sat dormant ever since. The movement on October 11, 2020, is also quite odd because the person or people decided to move the exact same number of 2010 blocks as the March incident. In our report last week, it was noted that a 2010 block reward, coincidentally mined on March 11 of that year, was also transferred to end the session of movements.

While leveraging the application, our newsdesk discovered the first 20 blocks from 2010 spent in block 652,204. Another 2010 block was spent in block 652,229 making it a total of 21 decade-old coinbase rewards moved on October 11, 2020.

The exact same thing happened on Sunday morning, approximately 21 blocks, a ten-year span, and 1,050 coins were spent. The final block mined at block height 652,229 was mined on November 10, 2010.

$250,000 Worth of Bitcoin Cash Also Spent

Data also shows that in addition to the BTC moved, the bitcoin cash (BCH) coinbase rewards were also transferred on Sunday morning. Approximately 1,000 BCH from the same decade-old coinbase rewards ($251k) moved on October 11, but blockchain explorers show the corresponding bitcoinsv (BSV) tokens did not move. However, the final BTC block spent on Sunday did not see the associated bitcoin cash (BCH) spent.

The weird transfer that saw 21 blocks from 2010 transferred back in March did see the corresponding bitcoinsv (BSV) spent alongside the corresponding BCH.

The transfer on Sunday is another record for the history books, and one can only speculate if it was a single person or a group of miners. It is also not known, whether or not, the entity plans to sell these coins on the open market.

It seems more likely that the entity was the same person and could very well be the same miner that spent 2010 coins the day before the infamous Black Thursday. At the time of publication, bitcoin (BTC) is doing well price-wise, hovering at $11,300 per coin. One thing that can be said for sure is that a lot of 2010 blocks have been spent in 2020 (54 total), including the rare 2009 block that was mined only one month after Satoshi kickstarted the network.

Author: Jamie Redman

Source: News. Bitcoin: $12M in ‘Satoshi Era’ Bitcoins Move: 21 Block Rewards from 2010 Spent After a Decade of Slumber

For a number of years now bitcoiners have predicted that the price of bitcoin will surpass its all-time high from 2017 and many believe it will rise to the $100k or six-digit price range. This week bitcoin enthusiasts discussed the possibility of the crypto asset reaching $100k at great length.

  • In mid-December 2017, the price of bitcoin (BTC) touched an all-time high (ATH) of $19,600 per coin. Today, BTC is 45.81% lower than the 2017 ATH but a number of bitcoiners believe that the crypto asset will surpass that price range. For instance, at the 2020 Virtual Blockchain Week event, the well known venture capitalist Tim Draper said he believes the price of BTC will touch $250k by 2022 or early 2023.

Mark Yusko the CEO of Morgan Creek said he thinks BTC will reach $100k. Other influencers who believe $100k per BTC is attainable include Blockfyre’s Simon Dedic, Cardano’s Charles Hoskinson, and Morgan Creek’s Anthony (Pomp) Pompliano.

This week a great number of average folks leveraging the Reddit forum also discussed the possibility of BTC reaching $100k. The Reddit post called “How many people here think 100k is happening at any point?” was a topical discussion on Sunday and hundreds of people commented.

A deep scan into the thread shows that a great majority of bitcoiners think that $100k is destined to happen. Although, there were a fraction of individuals who did not think BTC could reach the six-digit zone.

“I think it is inevitable at some point,” explained the top comment on Sunday’s post. “Yep, definitely inevitable. It’s just a question of how much time it’ll take,” an individual responded to the top comment. One person remarked that BTC has a better chance of touching six-digits than going to zero.

“It’s not inevitable, but I do think it will happen,” the Redditor wrote. “I think if it doesn’t go to $100k, it will be near worthless within 5-10 years and that means something else did finally take over. IMHO, it has a better chance of going to $100k than worthless, but I always factor in that chance.”

A number of other individuals gave reasons to why they think that the crypto asset could reach this psychological price range. A few people compared BTC to the likes of gold and said that the crypto asset will mimic the precious metal’s store of value benefits.

“Just look at the market cap for gold in the trillions, around $9 trillion,” the individual stressed. “If BTC hit the same market cap that would mean about $485k per currently circulating bitcoin. That’s just using this year’s numbers. and not counting for lost BTC.”

The subreddit r/bitcoin is not the only place on the web where individuals are discussing BTC hitting the six-digit range. On Twitter, the $100k per BTC conversation is also very prominent.

On September 25, the creator of the stock-to-flow (S2F) bitcoin model, Planb, held a poll about the six-digit price range which received over 24,000 votes. While 34% said BTC will stay below $55k, over 26% said the crypto asset would be $100k and 19.5% voted for $288k per coin.

The same day the Twitter user “Anasatsia” explained that she will be dancing when BTC reaches the $100k region. “When Bitcoin hits $100k,” she tweeted. “I am gonna dance around everyone who said that putting $$$ into bitcoin is a bad idea saying ‘Suckers, suckers, suckers’” The Bitcoin influencer Michael Goldstein jokingly told his 40,000 followers on Sunday that “$100k bitcoins will be more useful than $10k bitcoins.”

On Friday, Crypto Capital Venture told his 19,000 Twitter followers that $100k will happen but the crypto asset would probably slide back down to $30k. “Bitcoin to $100k isn’t a final destination,” he tweeted. “It’s a pit stop; a service area where the rest of the world will finally have a chance to say ‘Ok, let me get on board please.’ … And then it’ll retrace to $30k.”

Between a number of Reddit forum posts and Twitter conversations, the belief that BTC will reach six-digits is strong among BTC proponents. The most dominant reasoning behind most individual’s beliefs as to why the crypto asset will jump that high is macroeconomics and the central banks’ fiat creation. Supporters wholeheartedly believe that the price range will happen, it’s just a matter of when to most people discussing the subject.

Author: Jamie Redman

Source: News. Bitcoin: Bitcoin’s Big Believers: 6-Digits ‘Inevitable,’ BTC Has a Better Chance of Going to $100K Than Zero

This week the research and analysis team Coin Metrics published a report on how decentralized finance (defi) is “fueling Ethereum’s growth.” Meanwhile, the researchers also highlighted that Ethereum’s cumulative transaction fees in 2020 are now over $350 million and more than double the aggregated total of Bitcoin’s network fees.

Coin Metrics researchers and Nate Maddrey published a new report that discusses Ethereum’s defi evolution and the growth the blockchain has seen this year. However, with the new demand Coin Metrics highlights that ETH fees have “changed dramatically” and the authors note “high gas prices are becoming the new norm.”

A few defi project launches contributed to the dramatic rise in network fees including UNI, SUSHI, YAM, and YFI. The trading of the new tokens has been more prevalent on decentralized exchange (dex) platforms and because swaps are onchain this created a fee market. “This can lead to escalating transaction fees as users compete to be first in line for a trade,” the report emphasizes.

ETH median transaction fee hit a new all-time high of $8.25 on September 2nd following the launch of SUSHI,” the study’s author adds.

On Twitter, the Coin Metric’s team published a chart that shows Ethereum network fees this year are double the size of BTC’s 2020 fees. “Ethereum Total Transaction Fees during 2020 are now over $350m and more than twice Bitcoin’s,” the team’s Twitter account wrote. “By comparison, this time last year, cumulative Bitcoin Transaction Fees were $135M and Ethereum Transaction Fees were $27M,” the researchers added.

The report says that distributed ledger network fees are a “double-edged sword.” Essentially users are paying higher fees but miners are gathering all the revenue and in turn, the hashrate has increased exponentially. “As a result, Ethereum’s hash rate is climbing towards all-time highs— This is a good sign for Ethereum, as network security is critical for the long-term health and success of the blockchain.”

Although, the researchers underline that higher gas fees can make the ETH chain “prohibitively expensive” for a certain fraction of users. This can tip the scales for Ethereum whales who can swap large sums of tokens while smaller players could face a barrier to entry. “Ethereum’s median transfer value has increased to hundreds of dollars since the rise of defi, signalling that the network is shifting towards larger players,” the report points out.

Author: Jamie Redman

Source: News. Bitcoin: Cumulative Ethereum Transaction Fees in 2020 Supersede Bitcoin’s by a Long Shot

Onchain data shows that bitcoin’s breakout above $11,000 puts 93% of the circulating supply in a state of profit. Additionally, seven-day metrics show that bitcoin’s “realized price” has recovered from the low that took place on March 12.

The research and analysis firm Glassnode revealed that when the price of bitcoin (BTC) is over the $11,000 range, 93% of bitcoin in circulation becomes profitable. At the time of publication, BTC has been struggling to hold that momentum as the price has shifted below the $11k range a couple of times on Tuesday.

The spike on Tuesday led to a decent jump in onchain profits Glassnode detailed on Twitter.

BTC’s break above $11,000 has led to a sharp increase in the onchain supply in profit. Currently, almost 93% of the circulating bitcoin supply is in a state of profit – the highest level in over a year,” the analytics firm tweeted.

93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

Moreover, BTC has recovered from the March 12 (Black Thursday) market rout. Data shows that the crypto asset’s “realized price” has turned Black Thursday’s trend upside down. Glassnode’s charts set for seven-day statistics also indicate that “realized price” has doubled.

To add to those stats, bitcoin (BTC) charts show that long term holding has touched a new high. “62% of Bitcoin supply (11,400,000 BTC) has not moved in at least a year,” the bitcoiner Kevin Rooke told his 11,000 Twitter followers on Monday.

93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

Furthermore, BTC “profitible days” stats from the web portal Lookintobitcoin shows that the crypto asset has been profitable over 97% of its lifespan.

The current optimism in the world of cryptocurrencies has been quite different this time around as the world is dealing with the reaction to Covid-19 and the faltering economy.

93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

During the last few days, the USD and U.S. bonds have weakened considerably and many economists think the central bank will suppress benchmark interest rates this week. Vijay Ayyar, head of business development at Luno believes that central banks will keep bolstering crypto assets like BTC.

“My view is that with the major governments declaring unprecedented stimulus packages … we will see continued bullish momentum across markets. So that includes equities and gold as well. And BTC and crypto will follow in this regard. Added to the fact that a vaccine seems within reach as well now, no reason to be bearish near term,” Ayyar said.

With a lifespan of 97% profitability and 93% when the price is over $11,000 is a good sign crypto proponents. However, bitcoin mining operations need another $1,500 more for miners to start prospering, as they did before the May 11 halving.

A report from the blockchain analytics provider Tradeblock shows that $12,525 per BTC would bring miners over the edge and $15,062 per coin would improve profits a great deal.

Author: Jamie Redman

Source: News. Bitcoin: 93% of Bitcoin’s Supply Profitable at $11K, ‘Realized Price’ Recovers from Black Thursday

The live-streaming service Twitch is now offering a 10% subscription discount for people who register with cryptocurrency. The new offer from Twitch leverages the Bitpay payment processor, as this is the first crypto-based discount promotion from a company of this magnitude.

This week, the live-streaming service Twitch revealed it is offering a 10% discount for subscribers who pay for subscriptions with a cryptocurrency. Twitch is a service that allows live streaming and it was introduced in 2011.

The platform is most popular among live-streaming gamers, and in 2017 it outpaced the streaming service Youtube Gaming. Twitch has over 27,000 partner channels, 15 million daily active users, and 2.2 million broadcasters monthly.

In order to allow people to leverage cryptocurrencies for a 10% discount on services, Twitch, a subsidiary of Amazon, is utilizing Bitpay’s crypto processing system to accept payments.

The Atlanta-based company Bitpay allows payments in bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), four USD-pegged stablecoins (GUSD, USDC, PAX, and BUSD), and ripple (XRP). Being a Twitch subscriber, users have exclusive access to emotes, badges, and the ability to follow their favorite streamers regularly.

According to Bill Zielke, Bitpay’s chief marketing officer “Twitch is the first major merchant to jump on this trend.” Twitch is not the only gaming website and live streaming service that offers cryptocurrency support.

A number of gaming firms like Take Two (Disintegration and Outer World) and Microsoft support cryptocurrency payments. In order to get the 10% discount individuals interested in registering for a Twitch subscription simply select “pay with Bitpay at checkout” in order to pay with a digital asset.

Bitpay explained that it is thrilling to see a trendsetting firm like Twitch accept cryptocurrencies. The Atlanta firm believes that the gaming industry specifically goes hand and hand with crypto asset support. Just recently Bitpay published a blog post that shows “online gaming operators attract players using Bitpay for instant bitcoin deposits.”

The company notes that crypto acceptance adds “potential to expand a user base, it lowers costs, eliminates chargebacks, offers speed, and is borderless,” as bitcoin (BTC) and other crypto assets “can be sent anywhere in the world in minutes,” the company highlights.

Author: Jamie Redman

Source: News. Bitcoin: Live-Streaming Service Twitch Gives Subscribers 10% Discount if They Pay With Cryptocurrency

The aftermath of the coronavirus-provoked business shutdowns in the United States caused a number of market observers to focus on the U.S. real estate and rental markets. As the federal moratorium on evictions reaches its expiry, a recent Aspen Institute report reveals that 20 million renters or around 20% of 110 million American citizens who rent, will possibly face eviction by September.

Over a week ago, reported on the pending U.S. real estate crisis, as last month’s data had shown 4.3 million mortgage delinquencies, while commercial properties have also started to sink in value as well. American citizens, economists, and market analysts have been worried about the rental and mortgage sector ever since Covid-19 made its way to the United States.

Now the latest findings from the Aspen Institute’s recent report indicate that homeowners who rent are going to feel more pain in the coming months. The report estimates that roughly 20 million tenants could face evictions at the end of September, and the findings blame issues on the post-Covid-19 economy.

“20 million renters are at risk of eviction; policymakers must act now to mitigate widespread hardship,” explains the Aspen Institute’s authors Katherine Lucas Mckay, Zach Neumann, and Sam Gilman.

The U.S. has around 110 million renters nationwide, and the Aspen Institute’s numbers are dependent on factors like the unemployment rate, cost of living, and the average American’s savings.

Another reason for the possible displacement stems from the federal moratorium on evictions expiry, which banned evictions in certain types of housing units up until July 25. Some of the local government enforced moratorium measures on the county level have expired in June. Moreover, a number of economists and analysts believe that the evictions will start to disrupt the $16 trillion U.S. commercial real estate market.

A few of the stricter American states have begun opening certain types of businesses in phases, as New York for example recently entered Phase 2, which allowed a number of different businesses to begin operating again. Other strict states, specifically in the Northeast are entering Phase 3.

States like Massachusetts will not allow Phase 4, which includes businesses like nightclubs and bars, until at the very least therapeutic action or a vaccine is available according to Governor Baker. These nationwide job losses, broken up by state-enforced phases, will affect the economy and have a domino effect on landlords who rent to tenants in the United States.

“I think it’s going to be a hail storm out there,” Jeffrey Citron, from the law firm Davidoff Hutcher & Citron LLP said about the situation. “And I think, in most instances, it’s probably in the best interest of landlords to sit down and work with their tenants,” he added.

Despite the data from the Aspen Institute and the moratorium expirations, a number of real estate visionaries think ‘things will be fine,’ thanks to another round of government stimulus, otherwise known as the Paycheck Protection Program (PPP).

One particularly hard-hit real estate and rental market will likely be New York and last Sunday, the U.S. government revealed the names of certain businesses that benefited from PPP. Reports say “multiple New York City real estate companies have locked down funds from the Paycheck Protection Program.” The stimulus funding from the federal government ($650 billion nationwide) could help rental and real estate markets fend off disaster.

In the media, Covid-19 has been a great excuse for the federal government to print money on a whim, and many Americans still believe it will help the economy. The biggest weight on commercial, multi-family, and single-family real estate will be the unemployment rate, which will lead to nationwide evictions. While certain investments like gold and a myriad of cryptocurrencies have weathered the storm, many investors think that real estate is an extremely risky investment right now.

What’s worse is, even with the strict state-enforced phase restrictions, “Shark Tank” investor Kevin O’Leary says that U.S. businesses are using “the pandemic as a cloak.” Essentially, O’Leary stressed on Wednesday’s “Squawk Box,” American companies wanted to relieve these employees well before the Covid-19 outbreak.

“They wanted to do this anyway, and they’re doing it under the cloak of, ‘Gee, I can’t open so I’m just going to do it,’” O’Leary said. “Their jobs will never come back. This is great for earnings in the S&P. It’s not great for employment.”

Author: Jamie Redman

Source: Bitcoin: Renters Threaten US Real Estate Market, 20 Million Americans Face Eviction

According to the creator of the analytical bitcoin data web portal, Look Into Bitcoin, a chart often referred to as ‘Hodl Waves’ shows a bull run could be imminent. The web portal’s analyst Phillip Swift recently tweeted that 60% of all the bitcoin in circulation hasn’t moved in twelve months. The last time this trend took place was in 2016, months before the start of the 2017 crypto bull run.

60% of Bitcoin’s Supply Hasn’t Moved in Over a Year

Last March, reported on a research report authored by Coin Metrics analyst Jacob Franek, which said as of March 1, 2020, roughly 42% of all BTC has not moved onchain in more than two years. However, since then on March 12, 2020, otherwise known as ‘Black Thursday,’ the price per BTC dropped to $3,600 per coin. Using today’s exchange rates, BTC has risen 154% since Black Thursday and is currently trading above $9,100 per unit. The study from Coin Metrics highlighted that “Hodl Waves” have grown larger during the last few months. Essentially, Hodl Waves data analyzes the Bitcoin network’s UTXOs over the course of a few years and people like to measure distinct holding periods.

Phillip Swift, the founder of the BTC monitoring web portal Look Into Bitcoin has noted that 60% of the bitcoin supply in circulation has not moved in over a year. Swift tweeted that this typically signals a trend toward the beginning of a bull run, as it did in late 2016 and into 2017. Swift stated:

60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run.

Glassnode: ‘Realized Cap Age Bands Help Navigate Bitcoin Cycles’

Swift’s findings and the Hodl Waves chart he shared, shows that the 60 percentile has held steady for close to six months. Some traders have said that Goldman Sachs and Hedge fund manager and investor, Paul Tudor Jones’s statements have made crypto investors more bullish.

“It is the likes of Tudor and Goldman that can help drive the next big wave of inflows into crypto,” explained one individual on Twitter. “Not the unicellular bitcoin Twiteratti with their stack sats and hodl mantras — Hence why it is important to pay attention to what they say,” he added.

On May 26, also reported on the data firm Glassnode’s outlook, which noted that BTC was seeing some declining market health. 17 hours ago after Phillip Swift’s Hodl Waves tweet, Glassnode tweeted about a chart that shows BTC’s “realized cap Hodl Waves.”

“Instead of using Bitcoin supply by age, UTXOs in each band are weighted by their creation price,” Glassnode tweeted. “The resulting realized cap age bands help navigate BTC cycles, gauge market tops, and the start of bull markets.”

Author: Jamie Redman

Source: News. Bitcoin: Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn’t Moved in a Year

On February 11, the Atlanta-based payment processor Bitpay announced the firm’s recent partnership with the company Poynt. Now retailers will be able to support cryptocurrency payments using point-of-sale devices and crypto users will be able to pay with digital currencies at more than 100,000 Poynt retailers worldwide.

Crypto Payments Available at 100,000 Poynt Retailers

Bitpay has revealed the company is collaborating with the open commerce platform Poynt in order to bolster crypto payments worldwide. On Tuesday, Bitpay announced the integration of Bitpay’s cryptocurrency payments service with Poynt’s Smart Terminal point-of-sale (PoS) devices. “With just the scan of a QR code at checkout, consumers can now pay merchants using Poynt’s devices with the currency of their choice, including bitcoin, bitcoin cash, ethereum, and three dollar-pegged stablecoins,” the firm disclosed. Bitpay already processes over a billion dollars in crypto payments every year and the firm’s CEO and cofounder Stephen Pair is excited about expanding with the new partnership.

“We’re thrilled to team up with Poynt, who’s proven to be a real driver of point of sale innovation,” Pair noted during the announcement. “It’s a massive growth opportunity for Bitpay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses.”

Poynt Believes Crypto Will Help Expand the Firm’s Growth

Poynt is known for building it’s Smart Terminal PoS device that works with an app and can “easily email receipts, refund transactions, and settle with the tap of a button.” Devices have a hybrid MSR/chip reader and the machine supports major NFC/contactless schemes. It also has a front and back camera like a smartphone and connects to WiFi, with optional features like LTE/3G cellular modem support as well. Poynt PoS devices further support audio and they come with a stereo speaker and built-in microphone. The firm thinks expanding payment options to include digital currencies is simply a natural progression.

“Poynt was built on the idea of open commerce,” the company’s founder and CEO Osama Bedier said. “Poynt OS lays the foundation for developers and merchants to collaborate and drive limitless growth. The addition of open-source, decentralized currencies like Bitcoin is a natural fit in our open-commerce environment.”

According to Bedier, Poynt recently touched a milestone of nine billion dollars in gross payment volume in a twelve-month period. The open commerce firm believes expanding to crypto payments will keep that trend going forward.

What do you think about Bitpay partnering with Poynt’s open commerce infrastructure? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Author: Jamie Redman

Source: News. Bitcoin: Bitpay Enables Bitcoin Cash Payments at 100,000 Point-of-Sale Devices

According to a new research report published by Digital Asset Data, more than 10 million BTC has been sitting dormant for a whole year. Data shows that unmoved bitcoins account for roughly 60% of the current minted supply and it’s the largest number of dormant coins since the start of 2017.

10.7 Million BTC Stays Put for a Whole Year

The fintech and cryptocurrency analytics company Digital Asset Data recently published findings that show the number of bitcoins that haven’t moved in a year has touched 10.7 million BTC ($86.4 billion). At press time there is 18.1 million BTC in circulation and the number of untouched coins represents around 60.5% of the current supply. Despite the large number of inactive bitcoins throughout 2019, BTC prices have seen significant volatility throughout the year. Moreover, in 2019 crypto whale watchers witnessed significant increments of BTC being moved from one wallet to another. Not to mention the BTC block subsidy is cutting in half by mid-May and the 10.7 million BTC is the largest number of bitcoins that haven’t moved since the beginning of 2017’s bull run.

In addition to the number of unmoved bitcoins report by Digital Asset Data, in November the research firm Delphi Digital explained that more than 21% of BTC hasn’t moved in the last five years. The 21.6% or 3.8 million BTC is another all-time high for the network and Delphi Digital combed the blockchain’s Unspent Transaction Output (UXTO) data for its findings. “The portion of supply that hasn’t moved in at least one year started the year at 55.6 percent, peaked at the end of April at 60.8 percent, and currently sits at 58.3 percent,” the study notes. As far as two-year numbers are concerned, 38.7% of the circulating supply hasn’t moved in 24 months and that metric increased from 34% when it was recorded in December 2018. The increase of year-to-date percentage gains in terms of unspent coins gives long term holders more market leverage in regards to cyclical movements, Delphi Digital’s report stressed.

“This is one of the things that distinguishes this mini-cycle from true bull and bear cycles, you don’t have long term holders cashing out as prices really take off,” Delphi Digital’s report said. “Long-term holders will dictate cyclical tops and bottoms, but it’s the short-term traders that will have a larger impact on intra-cycle prices as they gauge, among other things, the flow of new money entering the space.”

Bitcoin Address Creation Touches 124 Million, While BTC’s Lifetime Sees $1 Billion in Network Fees

In another report published on January 7, 2020 by the digital currency company shows the creation of BTC addresses has increased since 2017. Decentralised notes that new addresses averaged 124 million since the 2017 bull run and to date there are “516,000 unique addresses that engage with the Bitcoin blockchain.” The researchers do account for a margin of error when it comes to “throwaway accounts” or temporary addresses. Additionally, similar to the reports mentioned above, Decentralised emphasizes that “fewer individuals are selling their coins, and more are testing [the] waters with small sums.” Decentralised adds:

For a sense of scale, the number of people holding more than 0 bitcoin in Jan 2011 was a mere 70,0000. Today that number is north of 28 million — a 400x growth over the decade.

The report called “Bitcoin’s Growth in Numbers” also underlines that in 2011 the network processed roughly 2 million transactions. To date the BTC network has seen 487 million confirmed transactions that have moved over $7.5 trillion in nominal value. That’s still a far cry from the financial incumbent payment processors ruling the world of payments today. For instance, in 2019 Visa processed roughly 150 million transactions per day while Alibaba settles around 1.5 billion transactions per day.

Another interesting factoid pulled from the Decentralised report is that throughout BTC’s entire lifetime, people have paid around $1 billion in fees. When BTC’s network fees increased significantly when the unconfirmed transaction backlog grew at the height of 2017, a few of those days contributed to the majority of the $1 billion in network fees. “The highest single-day fee burn was on the 22nd of December (2017) when over $22 million worth of Bitcoin was spent in transaction fees alone,” explains the Decentralised report.

What do you think about the number of unmoved bitcoins in one year representing more than 10 million BTC? What do you think about the creation of addresses and the $1 billion in network fees paid during the protocol’s lifetime? Let us know what you think about this subject in the comments section below.

Author: Jamie Redman

Source: News. Bitcoin: Close to 11 Million BTC Haven’t Moved in Over a Year

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