More ancient Bitcoin leaves the wallet after 10 years of dormancy
Bitcoin (BTC) is seeing some of its oldest coins come back to life after a decade of being dormant.
The latest on-chain data reveals that two-year BTC price declines have reawakened the oldest part of supply.
“Very old” Bitcoin is coming back to life
As BTC/USD returns to levels not seen since Q4 2020, questions are emerging about how long-term owners will respond.
The picture on the chain is mixed – it Dormant offers are aging, but some old hands are showing signs of wanting to sell at current prices.
The final piece of the puzzle comes in the form of BTC returning to circulation after being in the same wallet for at least ten years.
From the menu since 2012 – or even before – a total of 510.65 BTC moved again for the first time last week.
Little is known about the origin of the coins and the motive behind their coming back to life. The moves were noted by Philip Swift, creator of the on-chain analysis resource LookIntoBitcoin.
“We saw the movement of some VERY old coins last week. Coins that hadn’t moved on chain for +10 years,” he commented on social media on September 27.
10-year inactive BTC hits record high
At the same time, separate data from the chain analysis company Glassnode confirmed that more of the BTC supply has now been dormant for a decade or more than ever before.
Related: Bitcoin Gains 5% to Regain $20K, Eyes First ‘Green’ September Since 2016
As of September 27, a total of 2,521,378,890 BTC has remained out of circulation for a minimum of 10 years – a new all-time high.
Cointelegraph has been keeping a close eye on the movements of old coins as the latest Bitcoin bear market takes hold.
The end of August, for example, was marked by 10,000 BTC suddenly moving on-chain, leaving the wallet for the first time since 2013. At the time, concerns even linked the custody of the defunct exchange Mt. Gox, a theory that was later ignored.
According to LookIntoBitcoin, Bitcoin’s June low saw a major tranche for 10-year+ coins move in a single day, with 477.80 BTC recorded on June 14.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
