Bitcoin ‘Zombies’ Awaken: Dormant Coins Move For First Time In Years, What’s Going On?
Long-dormant BTC, untouched for up to a decade, are suddenly moving as Bitcoin's price surpasses $70,000. On June 2, 2,800 BTC dormant for 2-3 years were transferred, followed by 4,500 BTC dormant for 4-5 years the next day. Even BTC idle for over a decade—210 BTC—changed hands. This "old coins moving" phenomenon suggests a shift from holding to distribution, typical in mature bull markets. The movement reflects a broader sentiment among Bitcoin holders, with long-term holders offloading parts of their holdings as prices rise. The consistent increase in Bitcoin held in unspent transaction outputs for over three years indicates strong bullish sentiment among veteran investors. Additionally, the decline in miner reserves to a 14-year low could lead to a potential supply crunch.
