Sleeping Bitcoin Giants Wake Up: Pattern Mirrors 2021 Bull Run
06 Dezember 2023 - 1:00AM
NEWSBTC
On-chain data shows the dormant Bitcoin whales have been becoming
active again recently in a fashion that’s reminiscent of the 2021
bull run. Bitcoin Whales Dormant Since 10+ Years Ago Are Waking Up
In a new CryptoQuant Quicktake post, analyst Maartunn has talked
about a pattern forming in Bitcoin that looks similar to what
happened back in 2021, during the last bull run The indicator of
interest here is the amount of Bitcoin being moved on the
blockchain that was dormant since at least ten years ago before the
transaction took place. Ten years is naturally a very long stretch
of time, so whenever wallets holding BTC this old activate again,
it’s always something that ignites discussion in the community.
Related Reading: Analyst Says Solana At Risk Of Pullback: Here Is
The Target In many cases, coins reach such an old age only because
they became lost at some point. A lot of this supply would never be
involved in transactions again, because of the wallets carrying
them being lost to the point that they can’t be rediscovered by any
means possible. Some of the supply may simply be forgotten about,
rather than lost, and might get found once more. When this happens,
the finder (who may or may not be the original owner of the coins)
could decide to shift the coins immediately, cashing in on them by
selling, or perhaps, they may just decide to hold off a bit more,
finding the appropriate price timing to offload the Bitcoin. The
below chart notes the instances where coins dormant since 10 years
ago showed some movement during the past few years. Looks like
these old coins have moved again recently | Source: CryptoQuant
From the graph, it’s visible that the Bitcoin bull run back during
the first half of 2021 saw many instances where large amounts of
such dormant BTC stacks broke their silence. Some of these whales
who woke up could have been those who remembered their old BTC
wallets after seeing the cryptocurrency making waves on the news,
while others might have been those who had already rediscovered
their old coins a while back, but had since been waiting for this
profitable selling opportunity. The 10 years old coins had mostly
remained dormant in the second half of the bull run and the 2022
bear market, making only a few large moves. Among these, two in
particular were quite interesting, as they coincided with bottoms
in the asset’s price. Maartunn has highlighted these instances in
the chart. According to the analyst, it’s possible that these were
whales who were panic selling after seeing the cryptocurrency
decline to the lows. As is apparent from the chart, dormant whale
activity has heated up once again recently. “Looking at the past
few months, there have been more than 13 similar transactions. It’s
striking that this is happening during the uptrend, as Bitcoin is
rising due to news about the emerging ETF,” notes Maartunn. The
latest of these transactions was just yesterday, when a 1,000 BTC
stack more than 10 years old became involved in a move. In a post
on X, the same analyst has explained that this whale is a retired
miner, as many of the inputs that their wallet received came
directly from the network’s block reward. Related Reading: Crypto
Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why It
would appear that the latest rally in the cryptocurrency is
creating a similar effect as the 2021 bull run, attracting these
dormant whales to finally move their coins. BTC Price At the time
of writing, Bitcoin is trading around $42,400, up 13% in the past
week. The price of the asset appears to have shot up during the
last few days | Source: BTCUSD on TradingView Featured image from
Todd Cravens on Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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