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Bitcoin cash supply: Static 6 million coins held by whales?

Bitcoin cash supply Static million coins held by whales

According to a recent report by CoinMetrics, a third of the total Bitcoin Cash supply is static and has remained so ever since the fork, which saw Bitcoin Cash split from Bitcoin. However, no one can clearly justify why such a huge amount of BCH remains unmoved. The study was also carried out on Bitcoin and it looks like around 2.3 million Bitcoin hasn’t been moved anywhere in the last 5 years.

As surprising as the fact that so much Bitcoin has remained unmoved, the fact that more than 6 million of the total Bitcoin Cash supply hasn’t been moved since 2017 is more surprising. 

Total Bitcoin Cash supply is 18.4 million

If the total supply of BCH is 18.4 million, the ‘actual’ supply that is circulating in the market is only 12.4 million. Adding more to it, CoinMetrics report that the altcoin hasn’t received any input since its inception. There has been absolutely zero circulation or transfer. So, for almost 3 years, the altcoin has remained inactive and shouldn’t be counted in the circulating supply.

As far as Bitcoin is concerned, only 12.5% of the total supply has remained static in the last 5 years. It is speculated that either the holder of these static Bitcoins has lost his account or is looking at Bitcoin as a long term investment.

Are whales to blame for the static Bitcoin cash supply?

For Bitcoin cash static supply, people are speculating that the whales are holding up the Bitcoin cash and it is being done for the same reason as Bitcoin. The whales do not intend to move their Bitcoin cash anywhere and are looking to hold it for a long period of time.

It is worth noting that if one-third of the total supply is being held by the whales as an investment opportunity, it surely indicates a bullish future for the altcoin.

Mihir Sharma

Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

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