Bitcoin Store of Value Tool? Analysis and Results

Is Bitcoin Turning into a Store of Value?

One of the most debated topics in the cryptocurrency world lately is how Bitcoin (BTC) is evolving into a store of value. Popular crypto analyst Ali Martinez suggests that Bitcoin is shifting from a peer-to-peer currency to a store of value. This claim is supported by a sharp decline in network activity.

Decline in Active Addresses

Martinez noted in his post on X platform that, based on data from the on-chain analytics firm Glassnode, there has been a 42.6% decrease in Bitcoin's active addresses since 2021. This situation indicates a trend towards value storage rather than peer-to-peer cash usage.

Exchange Supply Rate and HODLing Trend

According to data from CryptoQuant, the exchange supply rate of Bitcoin has significantly decreased since January 2023. This decline in exchange reserves suggests that investors are preferring long-term holding (HODLing) over trading, which consequently indicates a reduction in liquid supply.

Average Coin Age and Inactivity

At the same time, Bitcoin's Average Coin Age has recorded a 16% increase as of January 2023. This shows that more investors are not unjustifiably moving their BTC and prefer to hold it for a longer period.

2025 Performance and Results

Despite this, Bitcoin's performance in 2025 has not fully met the expectations of a reliable store of value. In the last quarter of the year, the leading cryptocurrency experienced significant value loss and is trading 4.23% below its value at the beginning of the year.

In contrast, precious metals like gold and silver have proven to be real wealth preservers. Cryptocurrencies backed by physical gold, such as Tether Gold (XAUT) and PAX Gold (PAXG), have achieved over 70% appreciation this year.