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Old Bitcoins are still remaining calm as the crypto market shows more volatility
Bitcoin wallets more than 10 years old have been showing fewer signs of activity than ever, as Glassnode’s Amount of Supply Aged >10 Y Last Active indicator reaches a new all-time high.
This information appears as the market faces a strong correction. The indicator does not signal any buying power or selling pressure but, at the same time, the activity of such wallets should be considered a sign of a shift in global trends.
Where do “old coins” move when they do?
According to inflow data, the market has been experiencing spikes in BTC inflows to centralized and decentralized exchanges constantly. In the last three days, approximately 150,000 Bitcoin were deposited to exchanges.
The inflow data also correlates with the mid-term trend on the crypto market, with Bitcoin losing approximately 17% of its value in the last two weeks. The strong bearish trend took place on the market right after the New Year when the risk-off tendencies emerged on the financial markets.
Younger coins remain more active
While older wallets and holders are keeping their assets, significantly younger coins are showing more signs of activity with the Amount of Supply Last Active 2y-3y reaching an all-time low, which indicates that the supply moved 2-3 years ago is now declining, with more holders moving their funds to sell or transfer them to another wallet.
Previous 2-year low of 1,328,842.507 BTC was observed on 04 January 2022
— glassnode alerts (@glassnodealerts) January 14, 2022
But while old whales hold their wallets, the strong and global change of trends on the crypto market remains a possibility and not an inevitability.