75% of all bitcoins in the world are no longer in use

Analysts at Morgan Stanley have drawn attention to the record high number of bitcoins that are not being used. According to Sheena Shah and Kinji Steinmetz, 78% of the total supply of the flagship cryptocurrency has not been involved in transactions for the past six months and this figure continues to grow.

According to analysts, investors who bought their BTC about 6 months ago are holding their positions, probably expecting prices to recover. Previously, a similar figure was observed during the crypto market’s fall in 2018. Back then, the number of bitcoins that were not used amounted to 75%.

As for the bitcoin whales, their reserves fell to a three-month low, as the largest investors have been the most active sellers of cryptocurrency over the past few months. The amount of digital assets held by addresses with a balance of 100 to 10,000 BTC has fallen to 45.6% of the total supply of bitcoin.

Only last week, the whales changed their tactics and began to return to cold storage of BTC. Apparently, they are waiting for bitcoin to grow, which Michael van de Poppe, an analyst and founder of Eight trading company, expects to happen in November.

As for the future prospects for the BTC, trader and investor Ton Weiss last week reported that bitcoin could rise to $ 100,000 in 2023. In his opinion, the upcoming halving of the first cryptocurrency may lead to positive dynamics of the quotes.