$370 Billion in Bitcoin Awakens After 6-Month Slumber

Overview

• $370 billion in Bitcoin has been dormant over the past six months.

• 2022 was a bearish period for bitcoin and its crypto cousins, who lost more than 70% of their value.

• 2023 has seen a bullish trend for the currency, with it recently hitting the $25K mark.

Bitcoin Dormancy

It appears many of the world’s bitcoin units have „gone to sleep“ over the past six months. As much as $370 billion in bitcoin has remained perfectly still, and this is to be expected following a long and bearish period like what we saw in 2022. That year was arguably the worst on record for bitcoin and its many crypto cousins, with it entering a 12-month bear period in which it lost more than 70 percent of its overall value. By the end of 2022, the currency was trading in the mid-$16K range.

2023 Bull Run

2023 has been a bit different in that the currency is up nearly 50 percent since the end of last year. Bitcoin has recently struck the $25K mark, and it’s once again enduring bullish trends that could see it rise to the top of the financial ladder by the end of the year. However, investors still need a chance to monitor the market and make sure that this new bull run is not a fluke. That’s likely why trades have been limited over the past six months; many investors are still reluctant to jump back in.

Focus on Long-Term Gains

Miguel Morel – CEO of Arkham Intelligence – explained in a recent interview that this could be less due to fears surrounding