Bitcoin, previously inactive for 5 years or longer, emerges in novel ‘distribution’ pattern

The most recent data from on-chain analytics platform CryptoQuant reveals that dormant Bitcoin wallets, untouched for up to a decade, are now becoming active as the price of Bitcoin approaches $70,000. This month, there has been a notable increase in the return of “older” Bitcoin coins to circulation.
According to CryptoQuant’s spent output age bands metric, on June 2 alone, 2,800 BTC that had been dormant for two to three years moved on-chain for the first time. Additionally, 4,500 BTC that had been stationary for four to five years were also moved. On June 3, another 210 BTC that had been held in a wallet for a decade or more were also transferred.
The movement of these long-dormant coins has become more frequent recently, coinciding with the current Bitcoin bull market. This trend began in late February, leading up to Bitcoin’s all-time high of $73,800.
Despite the increase in activity from these older coins, long-term holders (LTHs) of Bitcoin continue to resist selling their holdings. LTHs are entities that have held a certain amount of BTC without selling for 155 days or more. While newer LTHs, who have held their coins for one to two years, have reduced their selling behavior, the overall sentiment among LTHs remains bullish.
Various on-chain indicators support this sentiment, indicating a strong underlying bullish sentiment in the market. However, it’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.