The cost of unprofitable unspent transaction outputs (UTXO) in the Bitcoin network has updated the historical maximum at the mark of $ 45 million - this is 578% more than July 1, CoinDesk writes with reference to Glassnode researchers.
UTXO is the bitcoins that remained after the transaction. Unprofitable UTXO is called when the last transaction from the address was carried out at a price higher than the current one.
The increase in the indicator means that investors are holding bitcoins, despite the price drop after the rally in the first half of the year.
Co-founder of Delphi DigitalIan Lieberman is sure that the ratio of the market capitalization of Bitcoin to realized capitalization (takes into account the price of bitcoin during the last movement of coins) is a more correct metric for assessing unprofitable UTXOs.
At the end of November, the share of bitcoins that did not move during the year was 59%. So-called hodling and a decrease in the number of transactions affected the growth in the value of unprofitable UTXOs.
Recall that earlier Bank of America Merrill Lynch (BAML) called Bitcoin the best asset of the decade in terms of investment efficiency.