Odaily Planet Daily reports that CryptoQuant analyst Darkfost noted a significant increase in on-chain activity among Bitcoin’s oldest holders. Data shows that the daily volume of moved UTXOs (unspent transaction outputs) from BTC holders with holding periods of 5 to 7 years and 7 to 10 years has multiple times exceeded 5,000 BTC.
Darkfost noted that spending a UTXO does not necessarily mean selling; long-term holders typically move Bitcoin for two primary reasons: first, for security purposes, such as changing wallet addresses, which results in the transfer of UTXOs from the original address; and second, to sell assets. However, current on-chain data shows no significant movement of funds to exchanges, indicating that these long-term holders are not currently engaging in large-scale BTC sales.
Notably, this activity occurs as Bitcoin retests the $60,000 level, similar to market movements between February and March this year. The market will continue to monitor whether long-term holder activity further impacts the supply and demand dynamics of BTC.