Nearly one-third of the total supply of Bitcoin Cash (BCH) has never been moved since its August 2017 fork.
According to data compiled by crypto analytics platform CoinMetrics, one-third of the total market supply of Bitcoin Cash has never been moved from the wallets it was airdropped to during the split from Bitcoin (BTC).
In a tweet published April 6, CoinMetrics showed that six million of BCH’s 18.4 million circulating supply has remained untouched since its inception. The platform questioned whether coin aggregator platforms should reflect that amount in their circulating supply totals.
What about Bitcoin Cash? Circulating supply is generally reported as 18.4M, but is it really 12.4M? Since 6M $BCH has never moved since the fork, should they be considered as circulating supply? pic.twitter.com/Udo9ODhIVP
— CoinMetrics.io (@coinmetrics) April 6, 2020
CoinMetrics also published data showing 2.3 million BTC has remained unmoved over the last five years, accounting for roughly 12.5 percent of bitcoin’s 18.3 million circulating supply.
What about Bitcoin Cash? Circulating supply is generally reported as 18.4M, but is it really 12.4M? Since 6M $BCH has never moved since the fork, should they be considered as circulating supply? pic.twitter.com/Udo9ODhIVP
— CoinMetrics.io (@coinmetrics) April 6, 2020
The analytics platform argued the untouched bitcoin was either lost or in the possession of “strategic holders,” with neither reflecting the true liquidity of the currency.
Coin Metrics’ new Free Float Supply considers the 2.3M $BTC that have not moved in over 5 years as being unprovably lost or held by long term strategic holders, both of which do not provide liquidity to the market
— CoinMetrics.io (@coinmetrics) April 6, 2020
The report came just days before bitcoin cash’s first scheduled halving, which was completed on April 8.
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