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Home Markets Cryptos

Less than 4 million Bitcoins available for buying

Olumide Adesina by Olumide Adesina
February 8, 2021
in Cryptos
94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam
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The market liquidity is tightening in the Bitcoin market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Paypal, Square, hedge funds, and so on.

According to Yann & Jan:

“Float in the network is drying up faster than ever.

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This is Bitcoin’s worst quarter in 11 years

“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).”

READ: Crypto market post all-time high, breaks past $1.15 trillion

Float in the network is drying up faster than ever.

Currently about 78% of issued $bitcoin’s are either lost or being hodled, leaving less than 4M bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc). pic.twitter.com/hCtEqQOEEl

— Yann & Jan (@Negentropic_) February 5, 2021

READ: Why the CBN wielded the big stick on cryptocurrency transactions

The data from Glassnode explained the rationale for such difficulty in purchasing the most popular crypto asset.

“It is estimated that only 4.2M BTC or 22% of the total supply of BTC is in constant circulation and available for buying and selling. In other words, 78% of the circulating supply of BTC is considered illiquid.”

At press time, Bitcoin traded at $38,371.01 with a daily trading volume of $63.1 billion and is down 0.62% for the day.

READ: Bitcoin robbers transfer stolen BTCs worth $13.2 million

What you need to know

Only 21 million BTCs are ever going to be produced in total, and presently, there are about 18.9 million BTCs in circulation.

  • This shows a differential of about 2.1 million BTCs that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.
  • This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs.

READ: Bitcoin: The good, the bad, the future

Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:

“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”

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Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency NewsGlassnode

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