According to recent on-chain data, the popular “buy” level for Bitcoin (BTC) is at $30,000, as indicated by the highest number of transactions occurring near this price point. Glassnode, a crypto analytics firm, monitors unspent transaction outputs (UTXOs) and reveals that the largest number of UTXOs were created at a price of $30,200.
To accurately reflect real purchasing events, the firm excludes coin movements between addresses controlled by the same entity and supply held on exchanges, which could distort the mean purchasing price.
The data suggests that there is significant demand for BTC at the $30,000 level, despite the current price action stalling. In fact, 3.8% of the total BTC supply was last moved at $30,200, surpassing even the volume moved at $16,500, which marked the area near the 2022 post-FTX bottom.
These findings have led some market participants, such as pseudonymous trader Mikybull Crypto, to anticipate a potential significant movement in the BTC price.
Furthermore, additional on-chain data supports the notion that long-term holders are uninterested in selling their BTC, despite the price doubling this year.
Glassnode’s Hodled or Lost Coins metric, which examines the “liveliness” of the Bitcoin blockchain, reveals that “old and large stashes” of BTC continue to reach new record highs.
This metric provides insights into the supply’s stagnancy and includes BTC that is likely to be inaccessible indefinitely, such as when owners lose access to their wallets.
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Currently, the Hodled or Lost Coins segment accounts for 7.77 million BTC, equivalent to approximately $233 billion.
This represents the highest tally in the past five years.
Previous estimates have suggested that around 20% of Bitcoin’s total supply of 21 million units may already be permanently locked from circulation.
In summary, the on-chain data indicates that the $30,000 level is the most popular “buy” level for Bitcoin, with a significant number of transactions occurring at this price.
Additionally, long-term holders are reluctant to sell their BTC, resulting in a stagnant supply. These insights provide valuable information for market participants and suggest that a significant price movement may be on the horizon.
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