Dormant Bitcoin Network Implies “Dramatic Shift” Incoming, But in Which Direction? - newsBTC

If you’ve followed the Bitcoin and cryptocurrency space at all over the past few years, you likely know of the term “HODL,” A misspelling of the word “hold,” HODL is a long-time meme used by industry investors who believe that BTC will appreciate over time. The outlet reported Friday that according to cryptocurrency analytics firm Flipside Crypto, 14% of the 18 million BTC  outstanding were actively traded during the last week of November, a statistic down 50% from October 2018.

The trend of market inactivity these metrics shows has been corroborated by top blockchain analytics site BitInfo Charts, which recently observed that 11.58 million Bitcoin — more than 50% of all of the cryptocurrency in circulation, which is valued at over $70 billion as of the time of writing this — has not moved in over a year. Per previous reports from this outlet, the confluence includes: Deutsche Bank, the 17th largest bank in the world, recently observed that its estimates predict that the number of individuals using Bitcoin and cryptocurrency will appreciate by over 500% in the next decade;  the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington; and the idea that BTC is entering a long-term buying zone.

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