These significant movements, the largest single-day transfer volume of 10+ year-old coins, sparked interesting conversations in the crypto community. A popular on-chain analyst has come forward with their interpretation of this phenomenon, saying that “old Bitcoin still matters”.
To begin their analysis, Darkfost acknowledged that the coins moved on Friday were reportedly mined in 2011 when Bitcoin was valued at below $1. According to the crypto analyst, these movements are a reminder of the market influence of miners due to extremely large BTC reserves.
The cohort of Bitcoin holders with the second largest portion (15.8%) of the total supply lies within the 6 – 12 month age band. This investor group is followed closely by the 3-5 year age band, with 14.3% of the total BTC supply. “This shift represents the transition from STH to Long LTH and suggests that recent buyers are still holding despite market conditions,” Darkfost explained.
Furthermore, investors in the 7 – 10 year age band also hold a significant portion of the total supply, reflecting the control that long-term holders wield over the largest cryptocurrency market. Ultimately, Darkfost concluded that the movement of old BTC is critical to market dynamics as it can carry macro-level implications.
