The crypto market was shaken by a rare event on Friday, July 4, when a dormant choice – entertains bitcoin that breaks as far back as 2011—Became active again. The Satoshi-Eer device ended with moving about 81,000 BTC (worth approximately $ 8.8 billion) which had been held for 14 years.
These significant movements, the largest one-day transmission volume of 10-year-old coins, aroused interesting conversations in the crypto community. A popular analyst on the chain has come up with his interpretation of this phenomenon and says that “old bitcoin is still important”.
Why does Old Bitcoin play role?
In a Quicktake post on the Cryptoquant platform, pseudonyma analyst Darkfost provided On-chain context on the importance of dormant BTC addresses that wake up and shake the market. This analysis on the chain is based on UTXO AGE BANDS %, which segments the total BTC delivery based on the last time they were implemented.
To start its analysis, Darkfost acknowledged that the coins moved on Friday in 2011 when Bitcoin was valued at under $ 1. According to the crypto analyst, these movements are a reminder of the miners on the market due to extremely large BTC reserves.
In their Quicktake post used Darkfost UTXO AGE BANDS % metrical to visualize how significant the holdings of these miners in satoshi-era are. According to Cryptoquant data, the 10 -year age band has a significant 17%, the largest proportion of the total BTC offering.
Source: CryptoQuant
The cohort of Bitcoin holders with the second most (15.8%) of the total supply is within the age band 6 – 12 months. This investor group is carefully followed by 3-5 years of age bands, with 14.3% of the total BTC offering. “This shift represents the transition from Sth to long LTH and suggests that the latest buyers still hold despite the market conditions,” Darkfost explained.
In addition, investors in the age band 7-10 years also have a significant part of the total supply, which reflects the control that long-term holders have over the largest Cryptocurrency market. In the end, Darkfost concluded that the movement of OLD BTC is crucial to market dynamics as it can have consequences at the macro level.
Bitcoin price
The price of Bitcoin has been relatively stable Since the occurrence of these large-scale mint movements, while there has been no indication that satoshi-era has occurred. From this writing, BTC is valued at $ 108,135, which reflects any significant change over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
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