On-chain data suggests the veterans of the Bitcoin network were the ones that took profits during the latest market selloff.
The 1 year to 2 years cohort, for example, includes the holders who have been carrying their coins since between one and two years ago, without having involved them in a transaction even once.
Statistically, the longer an investor holds onto their tokens, the less likely they become to move them at any point. As such, cohorts on the older side include the more resolute hands.
According to Glassnode, however, this cohort who’s generally involved in profit-taking sprees hasn’t played much of a role during the recent profit-taking event in the sector.
The Realized Profit by Age is a modification of this indicator that separates the profit being realized by the different age cohorts. Below is the chart shared by the analytics firm that shows the trend in the metric specifically for the more aged side of the market (holding time greater than one year).
As displayed in the graph, the Bitcoin Realized Profit has recently shot up for the veteran groups of the network. During this profit-taking spree, the 3 years to 5 years investors realized the most gains at $849 million.
This cohort contains the investors who bought the cryptocurrency during the previous cycle. It would appear that the recent $100,000 prices finally proved enough for them to break their dormancy.
More interesting, however, is the cohort who took the second most profits: the 7 years to 10 years holders with a Realized Profit of $485 million. Coins that enter an age so old are generally assumed to be lost, either due to being forgotten or having their keys misplaced. Thus, it’s possible that these sales were made by investors who rediscovered old wallets.
The third largest Bitcoin profit-taker has been the 1 year to 2 years cohort with an indicator value of $445 million.
At the time of writing, Bitcoin is floating around $109,300, up more than 3% over the past day.
