Crypto ETCs: Macro Outlook | September
The active supply of the Bitcoin cryptocurrency has reached 12 year lows, according to data analysed by ETC Group, showing that long-term Bitcoin holders have been unmoved by recent price action and are increasingly holding and accumulating coins.
Active supply relates to coins that have been moved or transacted at least once over a period of time.
As of 6 September 2023, 69% of Bitcoin’s total supply has not been moved in one year, while just over 40% has not been moved or transacted in three years.
This means that investors or institutions who purchased Bitcoin in the run up to its November 2021 all-time high of $67,413 have still not sold those coins, despite current market prices sitting at around $26,000.
Because Bitcoin’s entire record of transactions is available to view — without any personal or identifiable information appended — analysts can see how long particular wallets or investors have held their BTC and when those coins were last moved or involved in a transaction.
19.47 million Bitcoin have been created since the blockchain was launched in 2009. The longer time goes on, the proportionally fewer Bitcoin will be available for miners to produce.
The blockchain’s maximum supply cap is 21 million coins, a limit that at current mining capabilities will be reached around 120 years from now.
Source of all data: Bloomberg / HANetf. Data as of 31.08/2023. All performance figures are showing net data. Please remember that digital assets can be highly volatile, and your capital is at risk. Past performance is not indicative of future performance. Additional sources available upon request.
© ETC Group 2019-2023 │All rights reserved
Featured Products Performance
As of 31.08.2023
|
|
1M
|
3M
|
6M
|
YTD
|
12M
|
2Y
|
3Y
|
SI
|
|
ETC Group Physical Bitcoin
|
-7.52%
|
0.08%
|
14.12%
|
61.91%
|
31.60%
|
-44.52%
|
118.86%
|
162.21%
|
|
Bitcoin
|
-10.48%
|
-3.41%
|
12.56%
|
57.30%
|
29.14%
|
-45.11%
|
120.93%
|
165.92%
|
|
|
1M
|
3M
|
6M
|
YTD
|
12M
|
2Y
|
SI
|
|
ETC Group Physical Ethereum
|
-8.55%
|
-8.78%
|
2.87%
|
41.20%
|
6.55%
|
-51.26%
|
30.93%
|
|
Ether (Ethereum)
|
-10.92%
|
-11.35%
|
2.05%
|
37.82%
|
4.98%
|
-52.12%
|
31.43%
|
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/08/2023
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.