On-chain data shows that venerable bitcoin investors are awakening at a significant rate during the current cycle. According to analysis by Julio Moreno, head of research at CryptoQuant, bitcoin tokens that have not been used for more than 10 years have recently moved massively. In March, the indicator reached 3.7%, a record high. This trend is particularly evident when bitcoin prices hit new highs, mainly motivated by profit-taking.
Although the proportion has subsequently declined as the price of Bitcoin has fluctuated, the recent price recovery has allowed the indicator to rise again, currently at 2.5%. Although lower than the peak in March, the proportion is still high compared to historical data. The movement of these ancient tokens is usually associated with long-term holders (HODLers).
CryptoQuant Research Director: The proportion of BTC spending frequency over 10 years is still high
2024-05-27 20:29:47
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