Bitcoin ‘Zombies’ Awaken: Dormant Coins Move For First Time In Years, What’s Going On?

According to recent data from on-chain analytics platform CryptoQuant, in recent weeks, the Bitcoin market has witnessed a fascinating phenomenon: long-dormant BTC, untouched in wallets for up to a decade, are suddenly springing into action.

This movement coincides with Bitcoin’s price once again reclaiming the $70,000 mark, a dynamic that has not only captured the attention of investors but also sparked analysis from on-chain analytics experts.

Revival Of The Sleeping Giants

The data revealed by CryptoQuant illuminates a surprising trend: on June 2 alone, roughly 2,800 BTC that had been idle for two to three years were transferred. The following day, a movement of 4,500 BTC, dormant for four to five years, outstripped this.

The activity didn’t stop there; even BTC that had not moved for over a decade—210 BTC, to be precise—changed hands. This phenomenon, referred to as “old coins moving” by a CryptoQuant author, Maartunn, suggests an “allocation” phase, where long-term holders begin to release their coins back into circulation.

Particularly, according to Maartunn, old coins moving indicates a potential shift from holding to “distribution,” a sign often seen in mature bull markets. This resurgence of old BTC is notable, as it aligns with historical price peaks, including BTC’s previous rally to a new peak in March.

And another 2,123 $BTC with the same age.

Old coins moving, after old coins moving, after old coins moving.

In other words, distribution.