Is Bitcoin a Store of Value? Analysis and Conclusions

Is Bitcoin Turning into a Store of Value?

One of the most debated topics in the crypto world recently has been 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 stated in his post on the X platform that there has been a 42.6% decrease in Bitcoin's active addresses since 2021, based on data from the on-chain analytics firm Glassnode. This situation indicates a tendency to store value rather than use peer-to-peer cash.

Exchange Supply Rate and HODLing Trend

According to data from CryptoQuant, the exchange supply rate of Bitcoin has shown a significant decline since January 2023. This decrease in exchange reserves indicates that investors prefer holding their assets long-term (HODLing) rather than trading, thus implying a reduction in liquid supply.

Average Coin Age and Inactivity

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

2025 Performance and Conclusions

Despite this, Bitcoin's performance in 2025 did not fully meet expectations as a reliable store of value. In the last quarter of the year, the leading cryptocurrency experienced a significant loss in value 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 protectors. Cryptocurrency backed by physical gold, such as Tether Gold (XAUT) and PAX Gold (PAXG), has seen over 70% value appreciation this year.