Bitcoin (BTC) may be a store of value (SoV) equivalent to over $1.03 trillion across all exchanges and wallets. This huge amount is accounted for by CEXes and OTC indices combined, says Ki Young Joo, CEO of CryptoQuant.

$1,030,000,000,000: Bitcoin's "store of value" metric adds 85% in 2024

Bitcoin (BTC), the largest cryptocurrency, has developed into an incredibly large store of value. Across different categories of services, it could see more than $1.03 trillion parked, Ki Young Ju, CEO of analytics platform CryptoQuant, shared in a tweet with his 390,000 followers.

The metric itself is extremely difficult to calculate thanks to Bitcoin (BTC) volatility and the low transparency of centralized exchanges and over-the-counter (OTC) trading platforms. Ki Young Ju explained the methodology that attempts to calculate how much money is actually stored in BTC.

Bitcoin's SoV measure includes exchange reserves multiplied by the volume-weighted average price (VWAP), which is an estimate of capital entering the market via exchanges. It calculates the average price paid by market participants for Bitcoin during a given period.

Also, the Bitcoin SoV Index includes USD-denominated OTC transactions and exchange deposits/withdrawals. It also tracks the actual price of transactions at the time they occur.

The CryptoQuant CEO added that in the past 12 months, this crucial indicator has jumped by 85%.

Bitcoin (BTC) hash rate is routinely printing its ATH today

At Bitcoin's (BTC) price peak in 2017, the Bitcoin SoV metric reached $130 billion, while the 2021 high pushed it to $700 billion. In this bull run, the index broke its previous high set in early Q3 2024, the data show.

In the final days of 2024, Bitcoin (BTC) network metrics also reached all-time highs. Bitcoin hash rate He hits 841.64 hash/s, an increase of 3.81% within 24 hours.

Also, Bitcoin (BTC) mining difficulty reached 108 trillion after today's adjustment. In the past 12 months, this index has added more than 50%. Both difficulty and hash rate metrics indicate a notable optimism for Bitcoin (BTC) miners as more and more computers join the network.

In contrast, the price of Bitcoin (BTC) failed to rise. In 24 hours, it lost 1.12% and fell to $93,900.