Dormant Bitcoin addresses account for more than 90% of circulating supply 🤯
0 sats \ 3 comments \ @baileyjakob 24 May 2023 bitcoin
Dormant Bitcoin addresses (i.e. addresses with a balance, but have had no outgoing transactions for 9+ yrs) account for more than 90% of Bitcoin's current circulating supply (17.87M of the 19.38M).
The top dormant account of 80K BTC is the Mt. Gox hacker, and is rumoured that he lost private keys, as has not moved since 2011.
Do you think majority have been HODLing for 9+ years or it is more likely that most of these dormant addresses are due to lost keys & now forever lost?
Would be interesting to know an accurate number of how many of the total supply of Bitcoin is forever lost, as would have an impact on price action. (I know the reported amount is about 20%, but I feel like that is a low figure).
You can view the dormant data here.
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0 sats \ 0 replies \ @cryptocoin 24 May 2023
If you hold a BTC balance on exchanges (banks) like Binance, Coinbase, etc, the BTC are (hopefully) sitting in an address that is not moving, and won't for a very long time.
You can withdraw at any time (hopefully) but that comes from a working wallet, not from the BTC received by the bank/exchange years ago when you had depositted.
Same for the other type of bank (custodial wallets).
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0 sats \ 0 replies \ @elprotonhenrique 24 May 2023
Wild stat! I don't think the majority of those keys are lost, tho. Those people are just playing the game the way it's supposed to be played.
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0 sats \ 0 replies \ @AJ1992 24 May 2023
This is actually quite shocking to me, especially with Bitcoin becoming a more and more used method of payment every day. Youd think also that with as many addresses the centralized exchanges or services like electrum generate also that this % of dormant Addy's would be way lower.
Man, if I had one of these addresses back in the day and lost the key, def woulda offed myself a long ass time ago. Probably what happened if some of these addresses did end up going dormant due to inability to access.. I couldn't continue living if I was one of those individuals, that's for sure
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