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Ancient Bitcoin (BTC) Whales Reawakening: Details
The Bitcoin network is experiencing a fascinating trend as ancient BTC whales, who have not moved their holdings for over a decade, are now resurfacing, leading to a significant increase in on-chain activity. This surge in activity among long-dormant Bitcoin addresses reflects a notable trend in the current market cycle, signaling an increase in the movement of old BTC holdings.
According to Julio Moreno, the head of research at CryptoQuant, the current cycle has awakened more Bitcoin OG's than ever, with the 10+ year-old Bitcoin spending indicator reaching a record high of 3.7% in March. This indicator is currently at 2.5%, not far from the record high, indicating 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 far less valuable than it is today. The reactivation of these ancient Bitcoin wallets is not just a curiosity but a significant event that could have profound implications for the market, as old Bitcoin miners and whales often act as a source of liquidity and distribution.
The cryptocurrency community and market analysts are closely monitoring this trend, with some viewing the reactivation of old addresses as a natural progression as Bitcoin matures as an asset class, while others are more cautious, considering it a sign of potential market cooling or preparation for a major price move.
At the time of writing, BTC 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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