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Number of Lost Bitcoins Hits 33.96% Of Total BTC Supply, Here’s What It Means

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Sat, 08/21/2021 - 16:00
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Yuri Molchan
Data provided by Glassnode shows that the number of long-term held or lost Bitcoins has reached a new major high of almost 34 percent of the BTC supply
Number of Lost Bitcoins Hits 33.96% Of Total BTC Supply, Here’s What It Means
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According to a chart generated by the Glassnode analytics provider, the number of long-term held or lost Bitcoins has risen to a new high in the past five months – 7,131,084.

Chinese cryptocurrency journalist Colin Wu, who shared this chart on his Twitter page, has commented that this amount of crypto totals 33.96 percent of the BTC supply (21,000,000 coins along with those that have not been mined yet).

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Now, over one-third of the total Bitcoin supply can be considered out of circulation, Wu concludes, as this increases Bitcoin’s scarcity – the biggest virtue of Bitcoin often cited by Bitcoin maximalists against gold, fiat and altcoins with a supply close to infinite.

However, some of these coins may be held in cold wallets by long-term holders and those crypto enthusiasts that bought or mined BTC in the early days.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.