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Bitcoin’s Store of Value Reaches $1.03 Trillion Across Wallets and Exchanges
A staggering $1.03 trillion is now stored across various wallets and exchange platforms, marking a significant milestone in the Bitcoin (BTC) market. This extraordinary figure highlights the increasing confidence of investors in the cryptocurrency as a store of value amid market volatility.
According to Ki Young Ju, CEO of CryptoQuant platform, this data was compiled by analyzing exchange reserves multiplied by the volume-weighted average price (VWAP), which estimates capital entering the market through exchanges. Additionally, USD-denominated deposits and withdrawals on exchanges and OTC platforms, as well as actual transaction prices, were included in the formula for greater accuracy.
The impressive growth of Bitcoin’s store of value metric is undeniable, with figures jumping from $130 billion in 2017 to $700 billion in 2021 and now surpassing the trillion-dollar mark in 2024. This substantial increase underscores Bitcoin’s role as a safe haven asset amidst market uncertainty.
Despite the price drop of 3.04% over the last 24 hours, sitting at $91,493, it is essential to acknowledge the significant strides taken by the network. The hashrate and mining difficulty have both reached new highs, indicating robust optimism from miners.
In conclusion, this data provides a powerful testament to Bitcoin’s ability to store value amid market turbulence.
Source: crypto-economy.com
