As Bitcoin breaks the prolonged market rally seen in the previous months, dormant long-term holders are beginning to reactivate, moving large amounts of Bitcoin in one go.
As market sentiments begin to flip bullish, Bitcoin has recorded multiple resurfacings of older Bitcoin tokens that have been inactive for multiple years.
Earlier today, the market had just seen another large amount of Bitcoin move after about 3 years of silence, marking the sixth time long-dormant Bitcoin tokens have moved since the rally began.
12,849 BTC sold after 3 years
On Tuesday, May 5, a Cryptoquant analyst showcased data from Bitcoin’s spent output age bands, revealing that a total of 12,849 BTC worth about $1.03 billion was moved after sitting idle for about 2 to 3 years.
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Notably, the chart further showed that older Bitcoin tokens that have been held dormant for multiple years are increasingly being moved as Bitcoin finally reclaims $80,000 amid the broader crypto market recovery.
Bitcoin surpasses $80,000 again
Although Bitcoin has seen mixed price actions in the past days, overall the asset has been surging steadily over recent weeks amid growing demand from retail and institutional investors. The asset has broken past key resistance levels and is trading around $80,550 as of writing time.
With sentiments increasingly flipping bullish, pushing the price of Bitcoin to reclaim key levels, older groups of holders have become more willing to re-enter the market, usually to sell or redistribute the long-held tokens.
Although the massive $1.03 billion of Bitcoin resurfacing appears to be a major sell activity, it is also considered a bullish move. This is because such moves are seen during bull market cycles, signaling market maturity and strength.
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