Cryptocurrency data company Unfolded announced that 3.3 million Bitcoins have not been used for seven years. This amount accounts for 17 percent of the circulating BTC supply.
3.3 million Bitcoins unused are worth $ 170 billion based on the current BTC price *. Considering the circulating supply of Bitcoin as 18 million 600 thousand, if the unused BTCs are ignored, the real supply in circulation can be expressed as 15.3 million.
* CoinGecko: 51 thousand 600 dollars
What does the HODL Waves indicator tell?
Glassnode’s indicator called HODL Waves shows how long a coin is held before being transferred. The colors in the chart indicate the time period in which the cryptocurrency was used. For example, the red colored area represents the 24-hour time frame, while the purple colored area represents a period of 10 years or more.
This amount was different last year
Data analytics firm Chainalysis showed in a June 2020 report that 60 percent of 18.6 million Bitcoins were held as long-term investments. It was stated that the 20 percent rate consisted of lost BTCs that have not been used for 5 years or more. This means 3.7 million BTC.
Glassnode said in December 2020 that about 2 million Bitcoins could have been lost, showing that 1.78 million BTC never came out of the miner’s wallets.
Bitcoins may be lost
The Decrypt states that 3.3 million BTC may have been lost, forgotten or waiting to be sold. Bitcoin; Forgetting the password, it may be lost due to some reasons such as corruption of the wallet or device where BTC is stored. Bitcoins that have not been used for years may have been lost in any way, as stated in the news.