The proportion of Bitcoins that have not been moved for at least five years is higher than ever. In its “Coin Metrics’ State of the Network: Issue 9” of July 19, the crypto-statistics portal Coinmetrics identified 3,847,859 Bitcoins that had remained stationary for five years or longer.
The authors concluded that this was a sign that Bitcoin is increasingly becoming a store of value. While this trend is clearly apparent, there are, however, other good reasons for the lack of mobility: According to research by Chainanalysis, between 2.8 and 3.8 million Bitcoins can no longer be moved because the associated private codes have been lost. On the other hand, if these Bitcoins were to be permanently withdrawn from the network, this would serve to increase the value of the remaining Bitcoins.