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Long-dormant Bitcoin holders suddenly resurface – as BTC falls below $30k

Data via Glassnode

Ancient coins hit the market as Bitcoin price falls below $30,000 once again — sell pressure continuing to rise.

Quick Take

  • Spent volume lifespan is defined as the total transfer volume of coins last active between five-years and 10-years ago.
  • Recently, we have seen a lot of sell pressure coming from ancient holders — who have held Bitcoin (BTC) for longer than five years.
  • Most notably, five to seven-year holders — since the SVB collapse back in March — have been selling at an elevated rate especially compared to last year.
  • These holders were spooked by events such as the FTX and Luna in 2022.
  • These can be seen as capitulation events.
Spent Volume: (source: Glassnode)
Spent Volume: (Source: Glassnode)
Spent Volume: (source: Glassnode)
Spent Volume: (Source: Glassnode)