Analyst: Bitcoin's dormant state could be a precursor to a dramatic shift

Flipside analyst Eric Stone said that Bitcoin is still in a state of uncertainty, which could be a sign of some "dramatic change" in the short term. In the past two months, bitcoin has hardly changed hands, and trading volumes on different exchanges have fallen sharply. According to Flipside data, only 14% of the 18 million BTC in circulation last month changed hands, a 50% decrease compared to October 2018. Stone said, "Many people are sitting and waiting now. Idle bitcoins are like tinders. This may be a precursor to a dramatic change." A large part of all mined bitcoins (about 9.1 million BTC) has not been available for more than six months Moved, which may indicate that most market participants are long-term investors. Stone did not elaborate on the specific factors that would ignite the bitcoin fire.