HomeCrypto News3,200 Dormant Bitcoin for 5 Years On Move As BTC Price Spikes ...

3,200 Dormant Bitcoin for 5 Years On Move As BTC Price Spikes – Crypto News

The movement comes from Bitcoin’s recent rally to the 9-month high of $26,900.

A Bitcoin (BTC) whale just moved up to 3,200 tokens that had been dormant for three to five years. The tokens, currently valued at a whopping $84.9 million, were moved shortly after BTC reclaimed the 9-month high of $26,900 in its latest rally.

Maartun, a prominent analyst and verified CryptoQuant author, called public attention to the development today, citing data from the CryptoQuant Bitcoin: Spent Output Age Bands chart.

The timing of the recent movement has triggered apprehensions of an incoming selloff, mainly because Bitcoin is at its best position since June 2022. The last time such a large amount of 3 to 5-year-old BTC tokens moved on-chain was on Jan. 5, when BTC showed promise but was still trading below $17,000.

Moreover, it bears mentioning that BTC tokens that had been dormant for 5 and 7 years have also been gradually moving on-chain, with over 4,500 tokens reawakened in the past week. Amongst these, the largest intraday cluster of transactions involved 3,022 tokens on March 14.

– Advertisement –

Market intelligence platform Santiment also revealed that investors have recently resorted to raking profits from their BTC and ETH investments as profit-taking trades see a massive surge amid the recent rally. Notably, the number of BTC’s profit-taking trades is hitting highs last seen in December 2020.

Long-Term Holders Unmoved

Notwithstanding, these movements do not represent the majority of assets held by long-term investors, as the Bitcoin Binary Coin Days Destroyed (CDD) metric reveals a low long-term holders’ movement in the past week.

Furthermore, blockchain intelligence resource IntoTheBlock disclosed today that long-term BTC holders have continued to hold onto their assets despite the latest price surge. According to IntoTheBlock, the number of BTC addresses holding tokens for at least a year has increased to a new all-time high.

Meanwhile, Bitcoin’s mission to establish a comfortable position above $27,000 remains on track, as the asset recently engineered a comeback against the bears following a drop to $26,200 a few hours ago. BTC is changing hands at $26,546, up 7% in the past 24 hours.

– Advertisement –



Please enter your comment!
Please enter your name here

Most Popular