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Ancient Bitcoin (BTC) Whales Reawakening
Bitcoin network witnessing remarkable phenomenon
The Bitcoin network is witnessing a remarkable phenomenon: the reawakening of ancient BTC whales. These entities, which have not moved their holdings for over a decade, are now resurfacing, contributing to a significant spike in on-chain activity.
This surge in activity among long-dormant Bitcoin addresses marks a significant trend in this current market cycle, reflecting an increase in the movement of old BTC holdings.
According to Julio Moreno, the head of research at CryptoQuant, This current cycle has awakened more Bitcoin OG's than ever. The 10+ year-old Bitcoin spending indicator reached a record high of 3.7% in March, when Bitcoin traded near $70,000, Moreno added.
This cycle has awaken more Bitcoin OG's than ever. 10+ year-old #Bitcoin spending reached a record high of 3.7% in March, when Bitcoin was at $70K. Right now is at 2.5%. The % is the 30-day cumulative spending annualized of Bitcoin with more than 10 years-old.
Interestingly, this indicator is currently at 2.5%, which represents the 30-day cumulative spending annualized of
Bitcoin with more than 10 years old.
This uptick is not far from the record high of 3.7% observed in March, signaling the resurgence of Bitcoin ancient 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.