According to Huoxing Finance, on August 14, CryptoQuant analyst Axel Adler Jr. posted that the 30-day moving average of Bitcoin’s average coin dormancy period rose to 19 days, surpassing the 365-day moving average for the first time since the beginning of the year. BTC accumulated earlier is becoming active again. However, following the Coldcard hacking incident, this increase may not stem from selling, but rather from a large volume of BTC being transferred to new wallets. Therefore, the current rise in dormancy period should not be automatically interpreted as long-term holders distributing their holdings.
Bitcoin long-term holders are not selling en masse; early tokens reactivated after Coldcard hack
MarsBitShare
Summary
A recent crypto hack involving Coldcard has triggered movement in older Bitcoin holdings, with Axel Adler Jr. of CryptoQuant noting an increase in BTC dormancy to 19 days. The 30-day moving average crossed above the 365-day line, suggesting that early-held tokens are being reactivated. This activity may not indicate selling, as some BTC appears to be shifting to new wallets following the exchange hack.
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