Recent data from blockchain analytics company IntoTheBlock indicates that approximately 29% of the total Bitcoin supply, which has remained stagnant for over five years, might be lost forever.
Fresh data unveiled by the blockchain analytics firm, IntoTheBlock, reveals that close to 29% of Bitcoin’s total circulating supply might be lost forever, showing no signs of movement for over five years. This highlights an inherent attribute of Bitcoin (BTC) – its scarcity – as only 21 million coins can ever be mined. However, the very feature that augments Bitcoin’s appeal to investors is a double-edged sword, leading to the risk of irreversible asset loss if private keys are mislaid or forgotten.
IntoTheBlock recently brought attention to the substantial surge in dormant Bitcoin addresses. “Our data shows that 29% of $BTC hasn’t moved in over five years. It’s possible that a large part of this concerns lost coins,” the company noted in their tweet.