Bitcoin Old Hands Sell, But Is It On Level Of Last Bull Run?

Bitcoinist
Bitcoinist

29 Jun 2023 5:00 PM

On-chain data shows that spending from Bitcoin long-term holders has spiked recently. Here's how the current levels compare with the 2021 bull run....

  • On-chain data from Glassnode shows that Bitcoin long-term holders have recently spent $295 million worth of the asset.
  • The "revived supply last active 1+ years" indicator measures the amount of tokens that long-term holders are transferring on the blockchain.
  • The spike in this indicator suggests that experienced investors may be selling their coins to take advantage of the current rally.
  • However, the current spike is still lower compared to the surges observed during the 2021 bull market.

The article provides a neutral analysis of the recent spike in spending from Bitcoin long-term holders. It highlights the possibility of selling by experienced investors but also notes that the current spike is lower compared to previous bull market surges.

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You May Ask

What is the "revived supply last active 1+ years" indicator and what does it measure?Why do long-term holders typically hold onto their coins for long periods?What does the spike in spending from long-term holders suggest about the current market conditions?How does the current spike in spending compare to the surges observed during the 2021 bull market?What is the current price of Bitcoin and how has it performed in the last week?

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