Buying the dip? Record 3.8% of the Bitcoin supply last moved at $30.2K

Bitcoin (BTC) at $30,000 is the most popular “buy” level ever, the latest on-chain data suggests.

According to figures from crypto analytics firm Glassnode, a record amount of BTC changed hands near the current spot price.

Bitcoin: ‘Big move coming’ thanks to buyer interest

BTC price action may have stalled near the $30,000 mark, but buyer behavior suggests that there is significant demand for the largest cryptocurrency here and now.

Glassnode, which monitors unspent transaction outputs (UTXO), shows that $30,200 is the price at which the largest number was created.

The figures come from the firm’s Entity-Adjusted URPD, or UTXO Realized Price Distribution metric. This counts UTXOs but discards two important transaction types that could give a false impression of demand.

“In this calculation we discard coin movements between addresses controlled by the same entity, as such transfers do not correspond to real purchasing events and would distort the actual mean purchasing price. Further, we exclude all supply that is on exchanges, because a single averaged price for the funds of millions of users would be misleading and give rise to unwanted artifacts in the data,” Glassnode’s explainer confirms.

The result is that 3.8% of the total BTC supply last moved at $30,200 — more, even, than at $16,500, which marks the area near the 2022 post-FTX bottom.

“Big move is coming,” popular pseudonymous trader Mikybull Crypto commented in part of a reaction to the non-entity adjusted data set, which displays similar numbers.

Over 7 million BTC ‘hodled or lost’

Other on-chain data reinforces the idea that old hands are uninterested in selling their stake, despite this year’s BTC price doubling.

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Glassnode’s Hodled or Lost Coins metric, which covers what it describes as “old and large stashes” of BTC, continues to head toward new record highs.

Hodled or Lost Coins is based on the so-called “liveliness” of the Bitcoin blockchain — how much of the supply moves at once and following what period of dormancy.

This data provides an insight into how stagnant the supply is, including, as its name suggests, how much is likely out of reach indefinitely — for example, due to wallet owners losing access to their investment.

The Hodled or Lost Coins segment currently includes 7.77 million BTC, worth around $233 billion. This is the highest tally in five years.

Estimates have long suggested that around 20% of Bitcoin’s 21 million units may already be locked from circulation forever.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.