New Data Reveals Bitcoin from Dormant Wallets Moving as Prices Soar
The latest data from on-chain analytics platform CryptoQuant indicates that dormant Bitcoin wallets are becoming active again as the price of Bitcoin (BTC) approaches $70,000. This resurgence in activity is particularly evident among older coins.
According to CryptoQuant’s spent output age bands metric, on June 2, a total of 2,800 BTC moved on-chain for the first time in two to three years. Additionally, 4,500 BTC that had been stationary for four to five years also started moving. On June 3, another 210 BTC that had been untouched for a decade or more was also transferred.
This increase in movement among older coins has been observed since the end of February, coinciding with the surge in Bitcoin’s price leading up to its all-time high of $73,800.
Despite this increased activity, Bitcoin’s long-term holders (LTHs), who hold onto their coins for at least 155 days without selling, have largely refrained from selling their holdings. This behavior has remained consistent even as newer LTHs, who have held their coins for one to two years, have reduced their selling activity.
On-chain indicators suggest a strong underlying bullish sentiment, and popular trader Alan Tardigrade has also noted similar findings. However, it is important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.