Data suggests bitcoin holders have been having strong hands, so much so that around 220,000 BTC, worth roughly $1.6 billion, hasn’t moved since being bought in November of 2017.

CryptoCompare data shows that in November of 2017, bitcoin’s price went from around $7,000 per coin to roughly $11,000, which means those who bought these coins are currently either breaking even or in the red, as one BTC is trading at little over $7,100 at press time.

The data comes from research firm Delphi Digital, which also pointed out that 59% of bitcoin’s circulating supply hasn’t moved in the past 12 months, and that this year new money entering the space slowed down. Trading activity spiked at the end of October, but trading volumes reached six-month lowed by the end of November.

Delphi Digital’s analysts were quoted as saying:

Declining volume has been the trend since the high back in June, a symptom of a general decrease in new money entering the space.

As The Next Web reports, bitcoin’s month-over-month trading volume dropped by 9.4% across top cryptocurrency exchanges, with the largest decline coming from spot fiat currency markets. The firm noted exchanges like OKEx, Huobi, and Binance attracted the most of the inflowing bitcoin and have maintained their positions as the space’s top trading platforms.

Nevertheless, for bitcoin to reserve its current downward trend Delphi Digital’s analysts pointed out renewed enthusiasm among investors is going to be necessary. It’s worth pointing out CryptoCompare’s October 2019 Exchange Review report found exchanges charging typical taker fees represented 66% of the total exchange volume in October, while those implementing trans-fee mining represented 32%.

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