Bitcoin, the world’s largest cryptocurrency, has been at the center of its incredible price surge lately, up more than 40% since the start of the year. However, a new development is making headlines in the crypto community, according to blockchain analytics firm Glassnode.
Glassnode data shows that more than 1.6 million bitcoins, worth more than $80 billion at current prices, have been moved from wallets that have been dormant for at least five years. However, the sudden increase in activity in older wallets has led some to speculate that long-term holders are taking profits as bitcoin prices continue to rise.
According to Glassnode data, the last active supply was 5-7 years ago and just hit a 5-year high of 1,611,029,492 BTC. This means that a large number of bitcoins that have been inactive for a long time are suddenly awakened.
The last active BTC supply in 5-7 years just hit a 5-year high of 1,611,029,492 BTC | Source: Glassnode
The news has sparked a lot of speculation in the crypto community, with many wondering what caused the sudden volatility among longtime Bitcoin holders. Some analysts believe this may indicate that these long-term holders are taking profits as the price of Bitcoin continues to rise, while others believe that it may be the harbinger of a large-scale sell-off.
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Fair Value Data – Glassnode Bitcoin Age Range Reveals Potential Uptrend
Glassnode data also shows that the age group is again influenced by Bitcoin’s fair value, which could be a positive sign for the cryptocurrency’s future price action. The determined price range shows the average price of a 3-6 month old Bitcoin. Breakouts of this range have led to significant uptrends in previous cycles, especially after bear markets have hit the market.
Bitcoin: Fair Value – UTXO Age Range | Source: CryptoQuant
While the sudden transfer of long-term Bitcoin holders has caused some concern in the crypto community, Bitcoin’s fair value data could be a positive sign for the cryptocurrency’s future price action. However, as with all things crypto-related, there is still a lot of uncertainty, and only time will tell about Bitcoin’s future.
The sudden transfer of more than 1.6 million inactive bitcoins worth more than $80 billion by long-term holders has fueled speculation that they are taking profits as prices surge. However, breaking out of Bitcoin’s stated price age range could be a positive sign for its future price action. The development highlights the unpredictability of the cryptocurrency market and reminds investors to proceed with caution.
At the time of writing, Bitcoin price is trading at $24,492 after hitting a high of almost $25,200 this morning.
Source: TradingView
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