Bitcoin (BTC) is seeing some of its oldest coins come back to life after a decade of inactivity.
The latest on-chain data reveals that two-year lows in BTC price have reawakened the oldest part of the supply.
‘Very old’ bitcoins come back to life
As the BTC/USD pair returns to levels not seen since Q4 2020, questions are being raised about how long-term holders will respond.
The on-chain picture is mixed: idle supply is aging, but certain old hands are showing signs of wanting to sell at current prices.
The final piece of the puzzle comes in the form of BTC returning to circulation after remaining in the same wallet for at least ten years.
Off the menu since 2012 — or even earlier — a total of 510.65 BTC moved again for the first time last week.
Little is known about the origin of the coins and the reason for their return to life. The moves were spotted by Philip Swift, creator of on-chain analytics resource LookIntoBitcoin.
“Last week we saw some VERY old coins move. Coins that had not moved on-chain for more than 10 years,” commented on social media on September 27.
10-Year Idle BTC Hits Record
At the same time, independent data from on-chain analytics firm Glassnode has confirmed that more of the BTC supply has been dormant for a decade or more than ever before.
Until September 27, a total of 2,521,378,890 BTC have remained out of circulation for a minimum of 10 years, a new all-time high.
Cointelegraph has closely followed the movements of old coins as the latest Bitcoin bear market takes hold.
At the end of August, for example, 10,000 BTC suddenly moved on-chain, leaving his wallet for the first time since 2013. At the time, concern went as far as linking those bitcoins to the defunct Mt. Gox exchange, a theory that was later dismissed.
According to LookIntoBitcoin, Bitcoin’s June lows saw a larger tranche of coins over 10 years old in a single day, with 477.80 BTC on June 14.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.