Dormant Bitcoin re-enters circulation as sleeping giants stir
Bitcoin's rally awakens over 26,000 sleeping coins from a year-long slumber, aligning with a surge in market prices.
Quick Take
The Bitcoin ecosystem has recently witnessed a noteworthy trend as a substantial quantity of coins, dormant for years, have sprung back into circulation. Data from Glassnode reveals a significant increase in the transfer volume of previously dormant coins for periods of over 1, 2, 3, and 5 years. Approximately 26,000 Bitcoins that were inactive for more than a year have registered movement, marking the second-highest revival this year.
In the 2+ years cohort, a yearly high of around 25,000 Bitcoins returned to circulation. The 3+ and 5+ year cohorts weren't left behind, revealing an elevated revival of approximately 4,500 and 2,600 Bitcoins, respectively. This emergence coincided with the year-to-date high price of Bitcoin, indicating a correlation between price peaks and the resurrection of dormant coins.
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