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Old Wallets Start Moving BTC

Dormant Bitcoin is showing signs of activity as wallets that have been inactive for up to a decade are beginning to move their BTC, recent data reveals. According to CryptoQuant, an on-chain analytics platform, thousands of Bitcoins are “waking up” daily as Bitcoin’s price approaches $70,000.

The on-chain volume of Bitcoin is drawing significant attention this month, as older coins return to circulation in large numbers. On June 2, CryptoQuant’s spent output age bands metric indicated that 2,800 BTC, previously dormant for two to three years, moved on-chain for the first time. Coins that had been stationary for four to five years saw an even larger movement, with 4,500 BTC becoming active. Additionally, June 3 witnessed the movement of 210 BTC that had been held in wallets for a decade or more.

CryptoQuant contributing analyst J. A. Maartunn commented on this trend, noting, “Old coins moving, after old coins moving, after old coins moving,” highlighting the recurring activation of these long-held assets.

While decade-old coins moving on-chain is not entirely uncommon, the current Bitcoin bull market has seen an increase in the frequency of such activity. Data from CryptoQuant shows that this oldest cohort of BTC began to become more active at the end of February, coinciding with the lead-up to Bitcoin’s all-time high of $73,800.

Despite this uptick in activity, long-term holders (LTHs)—those who have held BTC without selling for 155 days or more—are largely resisting the temptation to sell. CryptoQuant noted that newer LTHs, who have held coins dormant for one to two years, have notably reduced their distribution.

“As Bitcoin’s price recovers from the recent correction to $56,000, we notice a shift in holder behavior. The 1-year+ and 2-year+ cohorts have ceased selling, transitioning from a distribution phase to a holding phase,” fellow contributor Onchained wrote in a Quicktake market update. “This change indicates a renewed confidence in Bitcoin’s future price potential, as these cohorts choose to retain their holdings rather than liquidate them at current prices.”