The encryption market was rare on Friday, July 4th, and the dormant whale with Bitcoin was revived again by 2011. Satoshi-aernity eventually moved about 81,000 BTCs (about $ 8.8 billion) held for 14 years.
This important movement, which is a maximum transmission of coins over 10 years old, triggered an interesting conversation in the encryption community. The popular all chain analyst said in their interpretation of this phenomenon, “Old Bitcoin is still important.”
Why is old Bitcoin important?
In the Quicktake Post of the Cryptoquant platform, a pseudonym analyst Darkfost provided a chain context for the importance of dormant BTCs. This thermal chain analysis is based on UTXO AGE BANDS %, which classifies the entire BTC supply based on the last time the last BTC supply is traded.
To start their analysis, DarkFost admitted that the coin of coins on Friday was mined in 2011 that Bitcoin was mined at less than $ 1. According to encryption analysts, this movement reminds us of the market’s influence because of its large BTC reserves.
In the Quicktake Post, Darkfost used the UTXO Age Bands % metrics to visualize how important the miners of this Sato era were. According to Cryptoquant’s data, age groups aged 10 or older have 17%, the largest ratio of total BTC supply.
Source: CryptoQuant
The cohort of Bitcoin Holder, which has the second largest part of the total supply (15.8%), is within the age of 6-12 months. The investor group follows the 3-5 year old age group, which accounts for 14.3%of the total BTC supply. Darkfost said, “This change shows the shift from STH to Long LTH and suggests that the buyer is still maintained in recent years despite market conditions.
In addition, investors of the age of 7-10 years old also have a large part of the total supply and reflect the controls used by long-term holders for the largest cryptocurrency market. Ultimately, Darkfost concluded that it is important for market epidemiology because the movement of old BTCs can have a macroscopic impact.
Bitcoin price at a glance
The price of Bitcoin has been relatively steady since the massive coin movement, while there was no sale of Sato Shea Miner. At the time of this article, BTC is $ 108,135, which is not reflected in big changes over the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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