The tally equals 68.54% of the circulating supply of 19.5 million bitcoins and shows a persistent bias for holding the cryptocurrency for long-term gains, according to analysts at the cryptocurrency exchange Bitfinex, though some of the inactive supply could include coins lost. The level hit an all-time high of 69.2% two weeks ago.

The percentage of circulating supply inactive for at least two years recently jumped to a record 56%, with 40% inactive for at least three years. Dormant coins are those that haven't been spent on-chain over the relevant period. The increasing figure suggests a decline in the supply available in the market and the potential for a sharp price rally, assuming the demand side strengthens.