Ancient Bitcoin Whales Resurface, Stirring Up Market Activity

26/05/2024 16:29

According to U.Today, the Bitcoin network is experiencing a significant increase in on-chain activity due to the reemergence of ancient Bitcoin whales. These entities, which have not moved their Bitcoin holdings for over a decade, are now becoming active again. This surge in activity among these long-dormant Bitcoin addresses is a notable trend in the current market cycle, indicating an increase in the movement of old Bitcoin holdings. Julio Moreno, the head of research at CryptoQuant, stated that this current cycle has awakened more Bitcoin OG's than ever before. The spending indicator for Bitcoin that is over 10 years old reached a record high of 3.7% in March, when Bitcoin was trading near $70,000. Currently, this indicator stands at 2.5%, which represents the 30-day cumulative spending annualized of Bitcoin that is more than 10 years old. This increase is not far from the record high of 3.7% observed in March, indicating the resurgence of ancient Bitcoin whales. The term 'ancient whales' refers to the earliest adopters of Bitcoin, who mined or purchased the cryptocurrency when it was in its infancy and far less valuable than it is today. Recently, an early Bitcoin miner from the Satoshi era moved 2,000 Bitcoin coins that were mined back in 2010. The reactivation of these ancient Bitcoin wallets is not just a curiosity but a significant event that could have profound implications for the market. The spending of such old coins is a rarity, and when it happens, it is closely monitored for potential impacts on market dynamics. Old Bitcoin miners and whales often act as a source of liquidity and distribution, hence the attention such moves get. The cryptocurrency community and market analysts are closely monitoring this trend. Some view the reactivation of old addresses as a natural progression as Bitcoin matures as an asset class. Others are more cautious, considering it a sign of potential market cooling or preparation for a major price move. At the time of writing, Bitcoin was up 2.86% in the last 24 hours to $69,126, extending its rebound from May 23 lows of $66,259.

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