81% of Bitcoin in circulation has remained unmoved for at least six months, suggesting long-term holder accumulation.
Macro & Markets ·
According to on-chain data, 81% of Bitcoin currently in circulation has not moved for at least six months. This metric, tracked by River, reflects the proportion of BTC holdings that have remained stationary over an extended period.
The finding underscores dormancy at scale within the Bitcoin network. Such prolonged immobility typically suggests either long-term holders retaining positions or coins locked in inactive wallets, though the data does not distinguish between deliberate accumulation strategies and other forms of non-movement.
What remains unclear is the composition of this dormant supply—whether it represents institutional or retail holdings, custodial versus self-managed wallets, or lost coins versus intentionally held reserves. The metric also does not indicate whether dormancy will persist or when movements might resume.