According to recent data from on-chain analytics platform CryptoQuant, in recent weeks, the Bitcoin market has witnessed a fascinating phenomenon: long-dormant BTC, untouched in wallets for up to a decade, are suddenly springing into action.
This movement coincides with Bitcoin’s price once again reclaiming the $70,000 mark, a dynamic that has not only captured the attention of investors but also sparked analysis from on-chain analytics experts.
Related Reading
Revival Of The Sleeping Giants
The data revealed by CryptoQuant illuminates a surprising trend: on June 2 alone, roughly 2,800 BTC that had been idle for two to three years were transferred. The following day, a movement of 4,500 BTC, dormant for four to five years, outstripped this.
The activity didn’t stop there; even BTC that had not moved for over a decade—210 BTC, to be precise—changed hands. This phenomenon, referred to as “old coins moving” by a CryptoQuant author, Maartunn, suggests an “allocation” phase, where long-term holders begin to release their coins back into circulation.
Particularly, according to Maartunn, old coins moving indicates a potential shift from holding to “distribution,” a sign often seen in mature bull markets. This resurgence of old BTC is notable, as it aligns with historical price peaks, including BTC’s previous rally to a new peak in March.
And another 2,123 $BTC with the same age.
Old coins moving, after old coins moving, after old coins moving.
In other words, distribution. 😉https://t.co/BBg4e9pNoz https://t.co/zXtjrZ78Y6 pic.twitter.com/bKJgDzAIF0
— Maartunn (@JA_Maartun) June 3, 2024
A Signal Of Bullish Trends
The movement of these long-dormant coins is more than a mere statistic; it reflects a broader sentiment among Bitcoin holders.
According to another CryptoQuant contributor, Onchained, during bullish market phases, it is common for long-term holders to offload parts of their holdings as prices rise. This pattern is currently evident as Bitcoin continues to test major resistance levels.
Moreover, Onchained further revealed that despite recent market fluctuations, the consistent increase in Bitcoin held in unspent transaction outputs (UTXOs) for over three years suggests a strong bullish sentiment persists among veteran investors.
The analyst…
Click Here to Read the Full Original Article at NewsBTC…
