Bitcoin wallets more than 10 years old have been showing fewer signs of activity than ever
According to Glassnode’s Amount of Supply Aged >10 Years Last Active indicator reaches a new all-time high. Bitcoin wallets over ten years old show fewer signs of activity than ever before.
“Bitcoin BTC Amount of Supply Last Active 2y-3y (1d MA) just reached a 2-year low of 1,328,530.584 BTC. Previous 2-year low of 1,328,842.507 BTC was observed on 04 January 2022”, Glassnode stated.
Satoshi-Era Bitcoin wallets have become the least active in the history of the BTC network
This information comes in the context that the market faces a substantial correction. This indicator does not signal any buying or selling pressure, but at the same time, the activity of such wallets should be taken as a sign of a change in the global trend.
The market has been experiencing a steady spike in BTC inflows to centralized and decentralized exchanges, according to money flow data. Over the past three days, about 150,000 Bitcoins have been deposited on exchanges.
The money flow data also correlates with the medium-term trend in the crypto market, with Bitcoin losing around 17% of its value in the past two weeks. The solid bearish trend took place on the market right after the New Year when the risk-off tendencies emerged on the financial markets.
While older wallets and holders are holding onto their assets, significantly younger coins are showing more signs of activity with the Amount of Supply Last Active 2y-3y hitting a low all time, this suggests that the supply that moved 2-3 years ago is now decreasing, with many owners transferring their coins for sale or forcing them to other wallets.
But while the old whales keep their wallets, a drastic global change in the crypto market trends remains a possibility and not inevitable.
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