November Rally Flushes $3.6M In Bitcoin Out From Long-Term Storage
The November rally for Bitcoin (BTC) is seeing some very impressive numbers, having already tested the all-time high prices. Unsurprisingly, many players are starting to move their Bitcoin supply out of long-term storage, with over 1% of the entire long-term storage supply being moved out.
The Hodlewaves Are Shifting
Unchained Capital has a measurement just for that: The “hodlewaves” metric. This metric measures the time since BTC is moved back on-chain.
Nearly 1% of the total supply of #bitcoin moved out of long-term storage (>1 year in the same address) during the price run-up from $13,700-$19,670 in November.
61.43% of the supply of bitcoin has not moved in >1 year. #HODLwaves, h/t @glassnode https://t.co/by2nmlXQIJ pic.twitter.com/WPrserjaSN
— Unchained Capital (@unchainedcap) December 3, 2020
An estimated 15% of the Bitcoin supply that had not moved for five to seven years had indeed been transferred on-chain since the 1st of November, 2020. It seems everyone is bullish with this massive market movement, so here’s hoping it’s not another bubble.
Another measurement of dormant BTC supply, this supply having remained dormant for two to three years, had also seen a reduction, going down to 11.58% from 12.20%. Crunching the numbers, this means that 5% of the aforementioned BTC supply had moved into an active state in November.
The smallest change comes from coins that haven’t been moved for one to two years: Seeing a relative drop of 4% by going down to 17.13% from 17.87%.
Crunching The Numbers
It should be noted, however, that Bitcoin that hasn’t been moved for more than seven years actually saw a small increase in November.
One of the more surprising facts about November is the decrease in short-term on-chain Bitcoin transfers. The supply share of Bitcoin being moved anywhere between one day and one week dropped down to 2.94% from its original 3.72%.
The biggest change in November’s metrics happened within the hodlwave between one week and one month. This metric shows the movement of Bitcoin that has been dormant for anywhere between 7 to 30 days. This now stands as 8.20% of the total bitcoin supply, having been previously recorded at 6.28%.
As it stands now, a total of 38.5% of Bitcoin’s current supply has been active on-chain throughout these past 12 months.
Incredible Amount Of Active BTC Wallets
Glassnode, a crypto data aggregator, gave out yet another bullish metric. According to Glassnode’s data, just shy of 19.6 million in Bitcoin addresses were active within the month of November, 2020.
Almost 19.6 million #Bitcoin addresses were active in November sending or receiving $BTC.
That is the third-highest value in Bitcoin’s history – only topped in December 2017 and January 2018.
Chart: https://t.co/Tca48CWsNa pic.twitter.com/1FUjrAXHsB
— glassnode (@glassnode) December 1, 2020
Through this data, it’s clear that November was the second-highest month in terms of active wallets ever recorded in Bitcoin’s history. The only month that managed to beat it was during the great bull run of 2017, recording a whopping 21.6 million wallets for December of that year.