16,000 BTC from 5-7 Years Ago Move on the Bitcoin Blockchain
An analyst has pointed out that a large stack of dormant coins, which have been inactive for 5-7 years, has recently moved on the Bitcoin blockchain. This movement was tracked using the “Spent Output Age Bands” (SOAB) indicator, which monitors the movement of different age bands of coins on the blockchain.
The Significance of Age Bands
Age bands refer to groups of coins categorized based on their holding time. The 5-7 years age band is particularly interesting because it includes coins that have been dormant for a long time even in terms of long-term holders (LTHs). These LTHs are known for their resilience and are less likely to sell their coins.
A Massive Stack of BTC Moves
During this recent spike in the SOAB for the 5-7 years age band, investors moved a significant stack of 16,000 BTC, worth around $837.8 million. The implications of this move depend on the intentions of these investors.
Potential Positive Sign for Bitcoin
The fact that this move was an outflow from Coinbase suggests that selling may not have been the goal. Instead, it could indicate a move towards self-custody or a large buyer like an ETF acquiring more BTC. This could be seen as a positive sign for Bitcoin.
BTC Price Update
Bitcoin experienced a dip to $50,600 over the weekend but has since bounced back and is now hovering around $52,400.
Hot Take: Ancient Dormant BTC Moves Spark Speculation
The movement of 16,000 BTC that have been dormant for 5-7 years has caught the attention of the crypto community. This significant move raises questions about the intentions of these long-term holders and their impact on the market. The fact that it was an outflow from Coinbase suggests a potential shift towards self-custody or institutional buying. As Bitcoin’s price recovers from a weekend dip, all eyes are on these ancient entities and what their actions could mean for the future of BTC.
By
By
By