Bitcoin that has been dormant in wallets for up to 10 years is now on the move, according to the latest data.
Thousands of coins are “awakening” every day as Bitcoin (BTC) price action challenges $70,000, according to on-chain analytics platform CryptoQuant.
“Old” tranches of BTC move on-chain.
Bitcoin on-chain volume has been a source of interest this month, with “old” coins returning to circulation in the thousands.
According to CryptoQuant’s spent output age metric, on June 2 alone, 2,800 BTC moved on-chain for the first time in two to three years.
The total of coins stuck for 4-5 years was much larger at 4,500 BTC. On June 3, 210 BTC that had previously been in my wallet for over 10 years was moved.
“Old coins move. Old coins move, after old coins move, old coins move,” CryptoQuant contributing analyst JA Maartunn wrote in part of his commentary on X.
“In other words, distribution.”
In fact, decade-old coins moving on the chain happen fairly regularly, but the frequency has increased in the latest phase of the Bitcoin bull market.
According to CryptoQuant data, this “oldest” BTC cohort has become more active since late February, when it started reaching Bitcoin’s all-time high of $73,800.
Long-term Bitcoin holders in “inactive” status
As Cointelegraph reported, long-term Bitcoin holders (LTHs) (those who hold a certain amount of BTC without selling for more than 155 days) continue to resist the temptation to sell their coins.
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As CryptoQuant pointed out last week, “latest” LTH holding coins dormant for a year or two has actually cooled distribution behavior.
“With the price of Bitcoin recovering from the recent correction to $56,000, we can see a change in holder behavior. The 1+ and 2+ year cohorts were discontinued and moved from the deployment phase to the holding phase,” fellow contributor Onchained wrote in a Quicktake market update.
“This change signals renewed confidence in Bitcoin’s future price potential, as these groups are choosing to hold on to their holdings rather than liquidate them at current prices.”
The attached chart compares inactivity levels between different LTH groups.
Onchained added that various on-chain indicators point to “strong underlying bullish sentiment” and are consistent with follow-up findings from popular trader Alan Tardigrade this weekend.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.