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The Bitcoin (BTC) market has recently seen a notable shift in the activity of its long-term holders. On Thursday morning, there was a notable surge in the “age consumed” metric, indicating that investors who have held their coins for an extended period are now becoming active again.  Bitcoin Long-Term Holders Are on the Move According to Santiment, Bitcoin’s “age consumed” metric spiked to 34.16 million on Thursday morning, marking the highest single-day level since August 5, when a broader market downturn led to over $1 billion in liquidations. The age consumed metric tracks the movement of dormant coins by calculating the time they’ve been held before being moved, multiplied by the number of coins moved. Typically, long-term holders do not frequently move their coins, so a spike in this metric can often signal a forthcoming shift in market trends. Bitcoin Age Consumed. Source: Santiment Following this jump in age consumed, Bitcoin experienced a 1% increase over the past 24 hours. When a price spike accompanies a surge in age consumed, it can indicate that a local bottom. However, the recent 1% growth isn’t enough to confirm this thesis. Further analysis of Bitcoin’s spent output age bands reveals widespread distribution of coins by various holder cohorts over the past few days. A report from Cryptoquant analyst XBTManager highlighted significant transfers, including 7,788 coins aged 1 to 3 months and 75,228 coins aged 3 to 6 months on August 27. The following day, the market saw the transfer of 19,067 coins aged one week to one month, along with smaller amounts of coins aged up to 2 years. Today, traders have moved 23,345 coins aged one week to one month, 1,220 coins aged six to 12 months, and 16,003 coins aged 5 to 7 years. Read more: What Happened at the Last Bitcoin…

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Filed under: News - @ August 29, 2024 7:27 pm