On-chain Analysis: Long-term Bitcoin Holders Shifting Large Amounts of BTC

Long-Term Bitcoin Holders Reawaken
On-chain analysis indicates that long-term Bitcoin holders are shifting significant amounts of BTC following its rebound from below $90,000.

Bitcoin has rebounded impressively from a bearish trend, rising over 20% from its lows of $78,179 last week to close above $94,000 on Sunday.

While this rebound has reignited the bull cycle, data suggests that long-term holders may be growing impatient. Recent analyses indicate a surge in funds transfers among those who acquired Bitcoin before the last two halvings.

Large Holders Shifting BTC

Maarten Regterschot, a market watcher and CryptoQuant community manager, highlighted notable activity among long-term holders in a recent tweet. He observed significant movement among older Bitcoin wallets since the recent market rebound.

Accompanying charts reveal a spike in Bitcoin’s spent output age bands from wallets holding BTC for at least seven years. This indicator reflects market sentiments among both short and long-term holders of the asset.

The analysis shows that whale wallets aged between 7 and 10 years moved nearly 180 BTC immediately after the price peaked at $96,484 on Sunday. Similar movements were observed among wallets over 10 years old, which transferred over 120 BTC earlier today.

7+ Year Wallets Move Bitcoin

Additionally, shifts were noted among wallets between 5 and 7 years old. While Bitcoin trades around $93,400 today, these addresses moved a total of 1,453.40 BTC.

5+ Year Wallets Move Bitcoin

These substantial movements may suggest potential Bitcoin sales from older wallets. Notably, many of these whales acquired BTC for under $25,000, realizing massive profits at the current market price exceeding $90,000.

Bitcoin Still a Bargain at Current Price?

Despite the shifts from old wallets, analyst Ali Martinez suggests that current prices may still be attractive. In a tweet, he noted that now might be the best time to buy Bitcoin for optimal gains.

Martinez referenced the negative Bitcoin funding rate as a historical buy-in indicator. This metric, which gauges the cost of holding perpetual futures contracts on Bitcoin, is currently negative at -0.001.

As a result, Martinez posits this could be an opportune moment to accumulate the leading cryptocurrency. At present, Bitcoin trades at $91,897, down 2.64% in the past day.