Bitcoin at $30K: Record 3.8% of Supply Last Moved, On-Chain Data Shows

• The latest on-chain data from crypto analytics firm Glassnode confirms the significance of $30,000 as a point of interest for BTC accumulation.
• 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.
• According to figures from Glassnode’s Hodled or Lost Coins metric, old hands are uninterested in selling their stake despite this year’s BTC price doubling.

Record BTC Accumulation Near $30K

Bitcoin (BTC) on-chain data has confirmed that $30,000 is the most popular “buy” level ever seen. Crypto analytics firm Glassnode reported that a record amount of Bitcoin changed hands near this current spot price. This was revealed by their Entity-Adjusted URPD (UTXO Realized Price Distribution) metric which counts UTXOs but discards 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.

Supply on Exchanges Excluded

Glassnode further excluded all supply that is on exchanges because averaging out funds of millions of users would be misleading and give rise to unwanted artifacts in the data. The result showed that 3.8% of the total BTC supply last moved at $30,200 — more than what was seen at $16,500 which marks the area near the 2022 post-FTX bottom. Popular pseudonymous trader Mikybull Crypto commented that “big move is coming” thanks to buyer interest in this area.

Old Stashes Uninterested In Selling

Other on-chain data reinforces this idea with Hodled or Lost Coins metric showing there are significant amounts of Bitcoin being held onto instead of being sold despite this year’s price action nearly doubling its value since January 2021 . This metric covers old and large stashes while monitoring liveliness parameters such as how much of Bitcoin’s supply moves at once and after what period it had been dormant prior to moving again . As such , over 7 million Bitcoins have been identified as “hodled or lost” according to Glassnode’s count .

Demand For Bitcoin Growing

The demand for Bitcoin appears to be growing strong regardless if it reaches new all time highs or not , given these numbers . Analysts also noted that many investors may be taking a long term approach in buying Bitcoin with many waiting for prices to reach lower levels before accumulating more . This strategy makes sense when investing in an asset like Bitcoin where short term volatility should not concern long term holders who are confident in its fundamentals and potential use cases .

How Will Prices React?

Moving forward , analysts will be closely watching how prices react around key levels such as those mentioned above . Should buyers continue to accumulate around these important support levels , then we could expect prices to remain buoyant throughout 2021 and beyond . However , should sellers manage to break through these resistance points then we could see a short term pullback before bulls attempt yet another run at new all time highs .