- 8.511 BTC, held for 3-5 years, was on the move.
- Bitcoin was experiencing a strong bullish momentum, setting the crypto up for more gains.
Amid Bitcoin’s [BTC] price surge, long-term holders are starting to move their coins.
According to CryptQuant analyst Maartunn, 8,511 BTC from the 3-5 year age band moved on-chain over the last day.
The latest move marked the 22nd instance this year in which over 5k BTC from this cohort has been reactivated.
Source: CryptoQuant
The reactivation led to a rise in the 90-day Coin Days Destroyed (CDD). This suggests that, as Bitcoin’s price climbs, older coins are being redistributed, potentially reaching new market participants.
In the past day, CDD spiked from 5 million to 29 million, signaling fresh demand. Additionally, average dormancy fell from 42 to 33, indicating that new buyers are actively entering the market.
Source: CryptoQuant
Assessing Grayscale’s Bitcoin transfer
According to Maartunn, the latest movement of old Bitcoin appears to have originated from Grayscale, which transferred the BTC to newly created addresses.
However, it remains uncertain whether this volume reflects actual ownership changes or an internal adjustment.
Historically, Grayscale’s ETF flows have sometimes been negative, and these movements may be linked to upcoming or recent outflows.
Still, Exchange Netflow data suggests this transfer is likely an internal reshuffling, meaning the reactivated BTC has not been deposited into exchanges.
Source: CryptoQuant
Exchange Netflow shows that Bitcoin has recorded three consecutive days of negative value. A sustained period of negative netflow indicates markets are seeing more withdrawals than deposits, which is usually a bullish signal.
Looking at CDD, it currently sits at 23.8 million, a decline from 29 million. This marked a 6 million drop over the last day. A drop here suggests that large holders have started to reduce their expenditure after the recent surge.
This is often interpreted as bullish, as long-term holders are starting to take a step back in the market.
Impact on BTC
While the movement of old coins can raise concerns, this recent transfer was not directly deposited into the exchanges.
The reactivated Bitcoin remains in private wallets, meaning it has not negatively affected price action. Accumulators still dominate the market, reinforcing a bullish outlook.
However, if Grayscale decides to sell these coins, it could trigger outflows and push BTC down to $104K. On the other hand, if current conditions persist, Bitcoin’s uptrend is likely to continue, potentially surpassing $107K and reaching $108K.
