Data metrics site Glassnode has released a data that proves that “lost” or “Hodled” bitcoin has fallen to a new low of 7,252,161.786 BTC worth $209 billion of the cryptocurrency at the current price from a high of $217 billion-worth of the currency in mid-October.
According to a tweet by Glassnode, “#Bitcoin $BTC Hodled or Lost Coins just reached a 8-month low of 7,252,161.786 BTC. Previous 8-month low of 7,252,221.072 BTC was observed on 30 December 2020”
Lost bitcoins are coins that have not been moved for a long time because of lost or discarded devices, forgetting private keys and passwords, sending bitcoin to a wrong address etc.
Hodled bitcoins on the other hand refer to bitcoins held and kept in idle wallets for a long time rather than selling them.
Bitcoin marked the New Year by reaching another all-time high of $29,601.59, slightly breaking the last $29,459.32 record set this week. The current price of bitcoin is $29,566.78, climbing by 2.32% in the last 24 hours. Bitcoin has a current market cap of $549.55B and market volume of $37.00B. Currently, 18,587,4562.5 bitcoins are in circulation.
Stats and Image from Coin Desk
Since Bitcoin started experiencing record-breaking prices in the past months, more bitcoins have been found. Over $7 billion worth of ‘Hodl’ Bitcoins have been found according Decrypt.
Another reason for the decrease in ‘lost’ and ‘Hodl’ bitcoin is that a large number of long-term investors are now moving their bitcoins from wallets and looking to sell.