Number of Lost Bitcoins Exceeds 33.96% Of Total Supply at 7-Month High, Here’s What It Means
According to the recent tweet of the Glassnode team, the amount of lost or hodled Bitcoins has hit a seven-month peak of 7,167,889.595 BTC, exceeding 33.96 percent of the total Bitcoin supply of 21 million coins.
📈 #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 7-month high of 7,167,889.595 BTCView metric:https://t.co/dJK8rxBVD3 pic.twitter.com/xgClrGzFdh— glassnode alerts (@glassnodealerts) September 9, 2021
Almost three weeks ago, on August 21, this metric hit a five-month high. Back then, Chinese crypto journalist Colin Wu opined that these coins can be considered out of circulation.
This fact basically increased Bitcoin’s scarcity, which is much higher than that of altcoins and the conventional store of value – gold – favored by multiple Bitcoin critics, including Peter Schiff.
However, some of these hodled or lost coins may be stored in cold wallets by long-term holders and crypto enthusiasts who bought/mined Bitcoin in its early days. This also includes wallets on old computers that have been lost and wallets with access not available to owners any more since they have lost their private keys and are unable to restore them.
In January, U.Today reported that a former Ripple CTO Stefan Thomas was unable to unlock his Bitcoin wallet that held $231 million worth of BTC.
In March, InfoWars founder Alex Jones stated that he had lost a laptop with a wallet holding $560 million in Bitcoin.Source