Bitcoin, which has been dormant in wallets for up to a decade, is now showing signs of movement as its price reaches new highs. According to CryptoQuant, an on-chain analytics platform, thousands of coins are being “awakened” daily as the price of Bitcoin approaches $70,000.
The movement of older Bitcoin coins on-chain has captured attention this month. CryptoQuant’s spent output age bands metric reveals that on June 2 alone, 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 moved. On June 3, 210 BTC that had been dormant for a decade or longer also began to move.
The frequency of decade-old coins moving on-chain has increased during the current Bitcoin bull market. This trend started at the end of February, just before Bitcoin reached its all-time high of $73,800.
Despite the movement of these older coins, long-term holders of Bitcoin continue to resist selling. These long-term holders, defined as entities that have held a certain amount of BTC without selling it for at least 155 days, are maintaining their positions. However, CryptoQuant notes that newer long-term holders, who have held their coins for one to two years, have reduced their selling activity and shifted to a holding phase.
Various on-chain indicators suggest a strong bullish sentiment among Bitcoin holders. This aligns with findings from trader Alan Tardigrade, who also observed positive market sentiment.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.