Recent on-chain data indicates that the $30,000 price level has become a significant point of interest for Bitcoin accumulation. Crypto analytics firm Glassnode reports that a record amount of Bitcoin was exchanged near the current spot price, highlighting it as the most popular “buy” level to date.
Glassnode’s Entity-Adjusted UTXO Realized Price Distribution (URPD) metric reveals that $30,200 is the price at which the largest number of unspent transaction outputs (UTXOs) were created. To ensure accuracy, this calculation excludes coin movements between addresses controlled by the same entity and eliminates supply held on exchanges, which could distort the purchasing price data.
Based on this methodology, it is revealed that 3.8% of the total Bitcoin supply last moved at $30,200, surpassing even the movement observed at $16,500, a significant level near the 2022 post-FTX bottom. This finding has led to speculation among traders that a “big move is coming.”
Additional on-chain data supports the notion that long-term Bitcoin holders are reluctant to sell their holdings despite the doubling of BTC’s price this year. Glassnode’s Hodled or Lost Coins metric, which tracks old and large stashes of BTC, continues to rise, indicating a growing number of coins being held or potentially lost indefinitely. The metric measures the “liveliness” of the Bitcoin blockchain, reflecting how much of the supply moves and after what period of dormancy.
Currently, there are an estimated 7.77 million BTC, worth approximately $233 billion, classified as Hodled or Lost Coins. This represents the highest tally in five years and suggests that around 20% of Bitcoin’s total supply may already be inaccessible for circulation.
The accumulation trend at the $30,000 level and the increasing number of coins held or lost over time provide valuable insights into the behavior of Bitcoin investors. While this article does not offer investment advice, it highlights the significance of these on-chain metrics for understanding market dynamics.
As Bitcoin continues to evolve, monitoring on-chain data becomes crucial for gaining insights into investor sentiment, supply availability, and potential price movements. By analyzing these trends, market participants can make more informed decisions and conduct their own research before engaging in investment activities.