The latest data shows that Bitcoin (BTC) has been dormant in its wallet for a decade.
The latest data shows that Bitcoin (BTC), which has been dormant in its wallet for up to a decade, is on the move.
According to on-chain analytics platform CryptoQuant, thousands of coins are “waking up” daily as BTC price action challenges $70,000.
“Old” BTC slices move on-chain
Bitcoin’s on-chain trading volume is a source of interest this month as “old” coins return to circulation – by the thousands.
CryptoQuant’s Spent Exit Age Bands metric shows that on June 2 alone, 2,800 bitcoins were moved across the chain for the first time between two and three years ago.
The number of stablecoins for four to five years was even larger, at 4,500 bitcoins. June 3 also saw the transfer of 210 bitcoins, which had previously been in his wallet for a decade or more.
“Old coins are moving, after old coins, after old coins,” JA Maartunn, a contributing analyst at CryptoQuant, wrote in part of the accompanying commentary on X (formerly Twitter).
“In other words, distribution.”
In fact, decade-old coins move across the chain quite regularly, but the latest phase of the Bitcoin bull market has seen an uptick in frequency.
CryptoQuant data shows that this “older” pool of BTC became more active starting in late February – in the lead-up to what remains Bitcoin’s all-time high of $73,800.
Long-term Bitcoin holders are in an “inactive” state
As Cointelegraph reported, long-term Bitcoin holders (LTH) – entities that hold a certain amount of Bitcoin without selling it for 155 days or more – continue to resist the temptation to dump coins on a large scale.
Related: Bitcoin Hash Bars Flash for First Buy Signal Since BTC Price Hits $25,000
As CryptoQuant pointed out last week, “newer” LTHs – holding coins that have been dormant for a year or two – have already cooled distribution behavior.
“As the Bitcoin price recovers from the recent correction to $56,000, we are seeing a change in holder behavior. “The 1+ and 2+ sets have stopped selling and have moved from the distribution phase to the holding phase,” another Onchained contributor wrote in a Quicktake Marketplace update.
“This change indicates renewed confidence in the future price potential of Bitcoin, as these groups choose to hold on to their holdings rather than liquidate them at current prices.”
The attached table compares inactivity levels between several LTH groups.
Onchained added that several on-chain indicators indicate “strong bullish sentiment,” consistent with popular trader Alan Tardigrade’s subsequent findings over the weekend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
