On a mesmerizing occasion, about 15 years later, Glassnode’s on-chain forensic experts unravel the fascinating slice of crypto history: ancient coins belonging to that era are still in movement, whispering tales of hodlers and forgotten fortunes.
Bitcoin Realized Cap Data Shows Recent Movements From 10+ Years BTC
Bitcoin reaching the all-time high has shaken the crypto world into frenzy, and the celebrations do not end there. Crack a cold one, as today is also Bitcoin Pizza Day! Back in the old days, on May 22, 2010: a hungry programmer named Laszlo Hanyecz paid 10,000 BTC for two pizzas. It was not mere lunch; it was history being made-the first recorded real-world transaction using Bitcoin. Ever since, crypto buffs commemorate this delicious milestone. So, raise a slice to Bitcoin, to invention, and to the legendary Bitcoin Pizza!
That pizza cost Laszlo about 40 bucks. Fast forward fifteen years: for the same Bitcoin stash, a mind-boggling amount of $1.1 billion. CryptoQuant’s chart presents a delectable rendering of Bitcoin Pizza Day’s skyrocketing value, a classic historical case of hunger.
Who’s to say whether anyone could have foreseen Bitcoin’s meteoric rise? Early spurious transactions, in fact, were the fuel for ascent. CryptoQuant say it best: “A high price, yes, but the price of forging Bitcoin into a viable payment system.”
And yet, a quiet class of Bitcoin holders dawned amid Laszlo’s splurge. Were these digital misers accidental millionaires, forgetting their keys over the sting of years? Or were these the true HODLers, the visionaries, whose eyes were set on the very far future of Bitcoin? The answer is still sealed in the blockchain, but one thing stands out: a big chunk of the Bitcoin supply has not been moved in over a decade, with such owners seemingly unaffected by all the fortunes ebbing and flowing around them.
The deep-dive research by Glassnode has come across a fascinating metric: Realized Cap share of a particular Bitcoin cohort in the circulating supply, a newer perspective on market behavior.
Looks like the value of the metric has seen a notable decline recently | Source: Glassnode on X
Bitcoin Realized Capitalization: A View on Investments. Imagine it as a giant ledger that registers all the money laid down in acquiring Bitcoin. Then think about this: a huge chunk is comprised of coins untouched for over 10 years. The chart reveals this exact percentage, shedding light on long-lived commitment within the Bitcoin ecosystem-an embracing memory of those who entered early and clung with all their might, laying the foundation of the market itself.
Remember those days when two pizzas cost you 10,000 Bitcoins? Fast forward 15 years, and Bitcoin worth that much is in the range of a billion dollars. While the value of Bitcoin went ballistic, the some fascinating bits of Bitcoin history is still in motion. Data revealed that some of the earliest coins minted back in the days of Bitcoin, the ones that could have been mined with Laszlo’s famous pizza transaction, are now in action. After hitting a peak of 0.045% sometime last year, this peculiar old activity-which is currently less than 0.033%-may have undergone some drawdowns last December-February interval and since April 20. It’s all somehow synonymous with wallets that lay dormant for ages now suddenly waking up. Is it really nostalgically acknowledging Bitcoin’s unassuming beginnings, or is it a quiet prelude to what is yet to come? Nevertheless, the age-old coins serve as a testament to Bitcoin’s heritage.
Ancient coins would probably not have survived by diamond-handed conviction, rather by just vanishing into the digital ether. Those old Bitcoin stirrings now? It’s probably an ancient treasure, disinterred either by the original owner or a lucky soul who stumbled upon forgotten keys.
BTC Price
At the time of writing, Bitcoin is floating around $111,400, up over 7% in the last seven days.
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Thanks for reading Bitcoin From Pizza Day Era Still On The Move Glassnode Reveals
