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Bitcoin’s Store of Value Reaches $1.03 Trillion Across Wallets and Exchanges
A staggering new report has emerged, highlighting the significant growth in Bitcoin’s store of value metric, which now stands at an astonishing $1.03 trillion. This monumental figure is a testament to the cryptocurrency’s increasing popularity as a safe haven amid market volatility.
Ki Young Ju, CEO of CryptoQuant, shared the data on his Twitter account, which boasts over 390,000 followers. The calculation, which measures the amount of capital stored in Bitcoin across centralized exchanges (CEX) and over-the-counter (OTC) platforms, demonstrates an impressive growth of 85% throughout 2024.
The sheer magnitude of this figure underscores the growing confidence investors have placed in Bitcoin as a store of value. It is essential to note that the calculation is based on exchange reserves multiplied by the volume-weighted average price (VWAP), which provides an accurate estimate of the capital entering the market through exchanges. This method takes into account USD-denominated deposits and withdrawals on exchanges and OTC platforms, as well as actual transaction prices.
From a starting point of $130 billion in 2017, Bitcoin’s store of value has shown remarkable growth, reaching $700 billion in 2021 and now exceeding $1 trillion in 2024. This exponential rise highlights the increasing role Bitcoin is playing in global finance.
While the price of Bitcoin has not experienced significant growth recently, network indicators like hashrate and mining difficulty have reached new highs, suggesting strong optimism from miners. Unfortunately, this optimism has not been reflected in the asset’s market value, with a 3.04% drop in the last 24 hours bringing the price to $91,493.
Despite its store of value status, Bitcoin remains susceptible to volatility, which could be exacerbated by the looming option expiration date for a record-breaking $18 billion worth of Bitcoin and Ethereum options contracts.
This development warrants close attention from investors and stakeholders alike, as market participants weigh the implications of this massive liquidity event.
Source: crypto-economy.com
