393.2K Mined and Untouched BSOV Remains
Bloxy reports 3,409,435.6 BSOV on-chain not accounting for the burn address currently at 175,590.15. The total mined have been 3,978,250 minus 175,590.15 equals 3,802,659.85. Subtract the 3,409,435.60 from this total and there are 393,224.25 BSOV that have not been moved since being mined. With the recent increase in prices across all exchanges, BSOV from these old wallets has been sent to Uniswap for ETH. This process is totally natural in a decentralized system such as BSOV. The photo below shows the on-chain data in the last two weeks showing the moves are correlated to the increase in price action.
I believe this trend will continue as more and more value is assigned to BSOV, these wallets containing 393K BSOV will start to offload their positions to Uniswap. Many of these miners spent less than one cent per coin running a basic GPU on a home computer. No doubt these wallets are multi-baggers and have been holding through multiple 90% corrections. As liquidity is rising, currently over $50K, Uniswap acts as the perfect conduit for the “store-of-value”. In my opinion, it’s incredible that anyone around the world with ETH or BSOV can buy and sell $585 at a 2% spread, 24/7. The strides this coin has made in the last month are huge and it can have a snowball effect. This allows investors the ability to get a sizeable position without pushing the price up. The last time I wrote an article about this total of untouched BSOV it was at 418K. What we are seeing now is consolidation at around $.14 from old miners offloading their multi-baggers and traders looking at the gains made recently with the jump in price action. I hope you guys and gals like the article I am bullish on BSOV, EOY liquidity target $100K!