Dormant Bitcoin re-enters circulation, highlighting major whale transactions and increased on-chain activity.
Today, Bitcoin’s price experienced a significant jump, climbing above $64,000 after trading below $60,000 last week. This sudden increase has positioned the crypto towards its next critical level beyond $65,000. Despite attempts by market bears to keep the price down, the bulls have remained in control.
However, on the heels of these notable fluctuations is the movement of previously dormant Bitcoin into circulation, with several large transactions recorded by on-chain trackers.
Dormant Bitcoin on The Move
One of the most striking developments in recent days has been the re-emergence of long-inactive Bitcoin. On October 13, data from CryptoQuant confirmed that 1,379 BTC, worth approximately $86.3 million, was moved for the first time in several years.
Maartunn, a market watcher at CryptoQuant, called attention to this development in an update.
Dormant Bitcoin on the move 😬
1,379 BTC (~$86,325,400) with an age between 5y – 7y has moved this morning. pic.twitter.com/dPInr9E6Gt
— Maartunn (@JA_Maartun) October 13, 2024
Maartunn noted that the moved Bitcoin had remained untouched for 5 to 7 years. Even though these significant transfers occurred, there wasn’t an immediate price reaction until October 14, when Bitcoin crossed the $64,000 mark.
Historically, movements of dormant Bitcoin have been linked with potential price shifts, with inactive investors becoming active again. At press time, Bitcoin briefly touched $65,050 but now hovers around $64,800 amid a pullback.
Major Whale Transactions Recorded
In addition to dormant BTC movements, October 14 saw substantial whale activity. Whale Alert, a platform that tracks large cryptocurrency transactions, reported a transfer of 1,133 BTC (approximately $72.6 million) to Binance from an unknown wallet.
The sender made several smaller transactions of 50 BTC each, with the total amounting to 1,149 BTC. While these whale movements did not immediately affect Bitcoin’s price, they represent a growing trend of high-value transactions.
On-Chain Metrics Show Increased Activity
Additionally, data from Santiment shows that on October 9, the BTC network recorded $37.4 billion in daily on-chain transactions, the highest since March 2024.
A key driver of this surge is the “Age Consumed” metric, which tracks the movement of older, inactive Bitcoin. This indicator saw a sharp increase last week, suggesting a substantial portion of the transaction volume came from previously untouched BTC.
Among the significant transactions contributing to this volume was the movement of 250 BTC, worth $15.7 million, from Binance. This transaction, made by a whale who had accumulated over 10,000 BTC earlier, added to the growing on-chain volume.
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Source: https://thecryptobasic.com/2024/10/14/bitcoin-cracks-65k-as-dormant-1379-btc-worth-86m-re-enters-circulation/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-cracks-65k-as-dormant-1379-btc-worth-86m-re-enters-circulation