Fidelity Research Report: What Does the Surge in Ancient BTC Circulating Supply Tell Us?

Fidelity Research shows that starting from April 2024, the Circulating Supply of "ancient" Bitcoin (i.e., BTC that has not moved for over ten years) is increasing at a rate of 566 coins per day, surpassing the newly mined output of approximately 450 coins per day as of June 8.

Currently, the total amount of these "ancient" Bitcoins has exceeded 3.4 million, accounting for 16% of the circulating supply, valued at nearly 360 billion USD. It is believed that about one-third of this comes from Satoshi Nakamoto, and some may have been permanently lost.

It is worth noting that since the 2024 U.S. elections, the circulating supply of these "ancient" Bitcoins has decreased more significantly, indicating that long-term holders are shifting their currency or taking profits in response to market uncertainty.

According to a report by Glassnode, last week the wallets holding BTC for over 12 months were the main beneficiaries, but now the profit group has shifted. Currently, the groups holding BTC for less than 12 months and for 6 to 12 months have become the key profit groups.

In terms of institutional holdings, currently, 27 listed companies hold over 800,000 BTC. Fidelity predicts that if companies holding more than 1,000 BTC continue to hold, by 2035, the circulating supply of "ancient" Bitcoin will increase to over 30% of the total supply. This indicates that long-term holding behavior and institutional actions are becoming important trends affecting the development of the Bitcoin ecosystem.

In summary, the increase in Bitcoin's "ancient" Circulating Supply and the shift in profit groups have made long-term holding and market sentiment more complex. Coupled with the increase in institutional holdings and market uncertainty, Bitcoin's supply structure and price trends have become increasingly intricate, making future price directions worthy of close attention.

#远古BTC # Supply #Holding Trend