bitcoin recently managed to make headlines with its impressive price performance. The price climbed above $25,000 to reach a local top and satisfied its investors. However, a recent development has caught the attention of the crypto community. This was a spike in the number of Bitcoin wallets that had been dormant for five to seven years.
Blockchain analytics firm glassnodeto the data of according toThere are more than 1.6 million Bitcoins on addresses that have been inactive for at least five years. This spike in the activity of legacy wallets has resulted in some speculating that long-term holders are making profits as the price of Bitcoin continues to rise.
📈 #Bitcoin $BTC Amount of Supply Last Active 5y-7y just reached a 5-year high of 1,611,029,492 BTC
View metric:https://t.co/1iBTMZ79br pic.twitter.com/XhuQ5BDw6W
NEWS CONTINUES BELOW— glassnode alerts (@glassnodealerts) February 19, 2023
bitcoin priceThe recent performance in the cryptocurrency market was quite impressive, with the cryptocurrency gaining more than 40% since the beginning of this year. However, there were some fluctuations in the market and many price drops were also recorded in the past year.
Koinfinans.com As we reported, despite all the volatile movements, BTC managed to recover and somehow tried to correct its bullish curve. In addition, the declining activity of wallets that have been dormant for a long time indicates that the market has entered a new phase as long-term holders accumulate more assets.
We will see if the decline in activity of legacy Bitcoin wallets will have a significant impact on Bitcoin’s price performance in the coming weeks and months, but the signals are generally considered positive for the asset.