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

[rakitzogi]

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

Amid November’s 42% Bitcoin rally, roughly 185,600 BTC that hadn’t moved in at least 12 months was transferred on-chain.

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 between five and seven years as of Nov. 1 was 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 has 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.

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