Formal Verification analysts in collaboration with Glassnode released a report on the on-chain state of the largest cryptocurrency in the second quarter. Researchers note the growing role of bitcoin as a means of payment.
Related: Grayscale report called Bitcoin “Best Investment”
In recent years, both the number of transactions and their average cost have grown in tandem. This supported the increase in economic throughput. To date, the figure has reached $2.1 billion.
The simultaneous rise in the hash rate and BTC price indicates a recovery after the surrender of the miners. Previously, this signal arose every time after every halving.
Based on the HODL Waves metric, the researchers concluded that the share of long-term hodlers continued to grow and reached record levels. The number of coins that have not moved for over a year reached 61.6%; within five years 22.1%.
Researchers have estimated the number of coins lost or owned by long-term holders: 7.4 million. In 2020, investors massively withdrew bitcoins from cryptocurrency exchanges in anticipation of an increase in the value of the asset after the halving.
According to analysts, the outflow in the second quarter reached 174 thousand coins, exceeding the figure for the first quarter three times (55 thousand BTC). Currently, 2.64 million BTC remain on the wallets of the exchanges.