More bitcoins have lain dormant over the past decade, leaving far less available on exchanges.
How many bitcoins do the exchanges currently have?
According to the latest data from glass knot, an on-chain analytics firm, bitcoin exchanges have gradually owned less BTC over the past five years. In late February 2023, Glassnode partnered with Will Clemente and Reflexivity Research to bring on-chain market insights to digital asset investors.
Glassnode announced this partnership in a tweet.
Afterwards, Will Clemente, the co-founder of Reflexivity Research, tweeted his sentiments.
He further noted the low balance of the exchanges, indicating that they now hold less BTC than most digital wallets.
Will’s tweet sparks online backlash
Following Clemente’s tweet, some people responded. Notably, a user named Willy Woo agreed with Clemente, stating that 2.6 million coins hadn’t moved in 10 years. He also said that investors lost around 3.7 million coins, as reported by the 2020 chain analysis study.
Woo signed off saying that number will increase by 2030.
In another tweet, a user named johntech defended BTC by saying it is still a new global financial system. He compared the growth and evolution of BTC to building cathedrals in Europe, which took 150 years. Likewise, BTC will take time before its operations are transparent.
Another tweet from HODL&13, presumably a bitcoin hodler, bragged that BTC held for over 10 years has never gone down.
According to statistics from Glassnode, bitcoin holders are optimistic as major bitcoin exchanges face falling BTC balances.