With Bitcoin ETFs on the horizon I expect that I am not the only person hoping to gain deeper understanding of the way bitcoin moves.
I wonder if there is any insight in which part of the bitcoins moved recently. Or perhaps it would be easier to say which part of bitcoins did not move.
Example 1: Completely no movement
Suppose there is an wallet that held 1 bitcoin recently, with nothing coming in or out. Then that would certainly be 1 bitcoin that did not move.
Example 2: Possible movement
Suppose there is a wallet that currently holds 10 bitcoin. There was earlier 1 transaction where 3 bitcoin arrived. You could say there are 7 bitcoin that did not move, but this would be difficult to generalize when many transactions happen, so I would not mind if we simply said the bitcoin in this wallet moved (so 0 did not move).
Hence the question
Thoughts so far
I believe that it should be possible to determine this with the information from the blockchain. Of course we would ignore anything off-chain but that is fine.
I found the number of bitcoin currently in circulation, as well as the 24 hour transactional volume. However I believe transactional volume would for a significant part be driven by multiple transactions of the same coin (back and forth or a > b > c).
![Ethereum (ETH) fee not loading [migrated]](https://approx.org/wp-content/uploads/2025/08/apple-touch-icon@2-120x86.png)
![Ethereum (ETH) fee not loading [migrated]](https://approx.org/wp-content/uploads/2025/08/apple-touch-icon@2-316x250.png)
