The blockchain intelligence company Chainalysis is diving into the fundamentals behind Bitcoin’s 2020 bull run.
In a new market intelligence report, the company says there are about 14.8 million Bitcoin in circulation, if you subtract the amount of BTC that people have lost access to over the years. That leaves 3.7 million Bitcoin worth about $66.5 billion that is forever lost and will remain unavailable to new buyers.
About 77% of the 14.8 million has been locked up for five years or more, meaning there is 3.4 million BTC available for purchase amid growing demand from investors with deep pockets.
“The institutional move into cryptocurrency appears to be driven by a desire to hedge against macroeconomic uncertainty, which of course hasn’t been in short supply this year…
The data bears out this institutional investment story as well. For one, we’re seeing an increase in high value transfers sent from exchanges in 2020.”
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