Bitcoin Falls Below $100,000 Amidst Increased Activity from Veteran Whales
Significant Transfers by Long-Term Bitcoin Whales
In recent developments, Bitcoin has dipped beneath the $100,000 threshold as long-dormant whale wallets have become active, according to the latest on-chain data. Julio Moreno, Head of Research at CryptoQuant, recently highlighted an intriguing trend in the 30-day cumulative spending of Bitcoin tokens that have been held for over a decade.
Understanding the Movement of 10+-Year-Old Bitcoin
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This particular metric monitors the total volume of Bitcoin that investors, who have held their assets for at least ten years, have been transacting across the blockchain over the past month. The chart shared by the analyst illustrates this activity clearly.
The data indicates a significant surge in the movement of these long-held coins coinciding with Bitcoin’s recent price rally. Typically, the longer an investor holds their coins, the less inclined they are to sell. This tendency becomes particularly pronounced after holding for 155 days, classifying these investors as “long-term holders” (LTHs).
The Intriguing Behavior of Ancient Bitcoin Holders
Within the realm of LTHs, the commitment to holding onto Bitcoin strengthens with the age of the coins. The most noteworthy LTHs in this context are those possessing Bitcoin older than a decade, a rarity even among veteran investors. Despite their age, these holders may not always be steadfast. While older coins are statistically more likely to have been lost than deliberately held, this doesn’t always imply absolute resolve.
A coin is considered ‘lost’ when the wallet becomes inaccessible, whether due to forgotten passwords or misplaced keys. Many such coins may never re-enter circulation, although some might eventually be recovered.
Rediscovery and Selling: The Motives Behind Recent Activity
Some of the recent activity involving these ancient coins may be attributed to the rediscovery of forgotten assets, either by the original owners or others who stumbled upon them. These sellers may not have been committed HODLers. However, the remaining sellers are likely the most resolute of investors, having held their Bitcoin since at least 2014. These steadfast holders appear to have taken advantage of the $100,000 price point to liquidate their assets.
Overall, the 30-day cumulative spending of 10+-year-old Bitcoins approached the $1 billion mark just before the latest price correction. This timing suggests that their selling could have contributed to the recent price dip.
Current Bitcoin Market Performance
As of now, Bitcoin is trading at approximately $97,700, reflecting a decline of over 5% in the past 24 hours. The price retracement follows its recent peak, indicating a potential influence from the selling activity of these long-term holders.
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