Blockchain analytics firm Glassnode has reported that nearly $125 billion worth of Bitcoin (BTC) has not been touched for at least seven years, making them “ancient.”

Only 8.3% of these coins have ever been spent, indicating that they may either be dormant or lost.

“Since the inception of Bitcoin, only 4.25 million coins have reached the status of Ancient Supply (7+ Years).

Remarkably, only 356,000 ancient coins have been spent, equivalent to 8.3% of the all-time ancient supply total, whilst 3.9 million (91.7%) coins currently remain dormant or lost.”

Glassnode has also analyzed the supply-per-whale metric, which shows that while the average amount of BTC held by whales has not changed significantly in recent months, each whale is holding a smaller percentage of the overall Bitcoin market cap.

“Following the recent surge in price action, the Bitcoin supply per whale has reached an equilibrium, remaining stable around a value of ~5,350 BTC/whale.

However, despite stability in supply held, the percentage of the market cap owned by the whale cohort (46%) is declining.”

Additionally, Glassnode has tracked its supply in profit/loss metric, which reveals that market participants are increasingly in the green, suggesting that a potential sell-off event may be in the works.