Bitcoin (BTC) asleep for up to a decade is waking up this week as BTC price action sees six-week highs.
Data from on-chain analytics firm Glassnode shows some of the oldest “dormant” Bitcoin returning to circulation.
BTC trends out of hibernation
As BTC/USD stages something of a comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.
According to Glassnode, the number of Bitcoin previously stationary in their wallet for 7-10 years but not active again reached a one-month high on Oct. 29.
This is in fact the latest in a series of such highs, with the previous one seen on Oct. 1.
Further numbers reveal that the unspent transaction outputs (UTXOs) in profit reached a one-month high of over 73% on Oct. 28, aiming to eclipse levels from September.
Glassnode shows that Bitcoin being moved is rapidly done so at a profit, rather than at a loss.
SOPR spikes through key range
The data reinforces the theory that there is an increasing desire to engage in profit-taking, even among Bitcoin’s most seasoned hodlers, at current prices.
Related: Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018
Such profit-taking…
