Although bitcoin’s price has been stable and hovering just above $19K, more than 60% of its total bitcoin supply hasn’t changed in the past year. Moreover, there’s been very few transfers from bitcoins stemming from 2010, and it’s been more than two months since the last 2010 block subsidy transfer. Block subsidy transactions from 2011 have been appearing every so often. On October 25, 2022 approximately $1.79 Million in bitcoins were transferred to unidentified wallets.
2010, 2011 ‘Sleeping Bitcoin’ Spending Slows — 92 Bitcoin From 2011 Transferred on Tuesday
On October 24, bitcoin supporters celebrated the number of bitcoin (BTC) that haven’t moved in a year or more. Glassnode provided a graph that showed more than 60% of bitcoins in circulation haven’t moved for a year.
Bitcoin.com News has also noticed that the number of so-called ‘sleeping bitcoins’ transferred in 2022 has slowed down a great deal since the all-time BTC price highs at the end of 2021. For instance, data from January 2021 to September 28, 2021, had shown 152 transactions derived from ‘sleeping bitcoins’ from 2010.
The same research had shown from January 2021 to September 2021, 85 transfers from 2011 ‘sleeping bitcoins’ occurred. Moreover, while bitcoin (BTC) moved toward its $69K all-time high, hundreds of millions of dollars’ worth of ‘sleeping bitcoins’ were transferred in mid-November 2021.
This year, however, the number of ‘sleeping bitcoins’ from 2010 was only 12, and the number of 2011 transactions added up to only 30 transfers. Furthermore, it’s been approximately 64 days since the last 2010 BTC spend that occurred on August 22, 2022.
However, there’s been a total of ten 2011 transactions since then, with two transfers spent on Tuesday, October 25, 2022. On Tuesday 42.76 BTC was transferred to an unidentified address. It was spent at block height of 760,212.
It’s worth noting that the terms “spent” or “spend” in this article, do not necessarily mean that the bitcoins were “sold” to a third party for fiat or another crypto asset. About 50 BTC were transferred from an unknown address after the spend of 42.76 BTC and seven block subsidies at block height 760.219.
Between the 42.76 BTC and the 50 BTC moved on Tuesday, the stash was worth 1.79 million nominal U.S. dollars using today’s BTC exchange rates. Although October is still not complete, the September and October months have seen no 2010 spendings. However, there have been nine 2011 transfers in that time span.
2022 saw a lot more spending than 2010 and 2011. However, there were some types of transfers that have not been seen since May 2020. The total amount of five blocks subsidies (or approximately 250 BTC) that were extracted in November 2009 and transferred to this year was $55,5 million.
Glassnode data has shown that 60% or more of BTC is still in circulation. In addition, the number of 2010 and 2011 transactions suggests that BTC owners wait for the bear market’s end to move their old coins. A great majority of the old ‘sleeping bitcoins’ that moved in October have derived from coins and block subsidies from 2012, 2013, 2014, 2015, 2016, and 2017.
What do you think about the slowing trend of 2010 and 2011 ‘sleeping bitcoin’ spends? Comment below to share your thoughts.
Credits for the imageShutterstock. Pixabay. Wiki Commons. Btcparser.com.
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