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Bitcoin (BTC) onchain transaction data is hinting at the start of a new uptrend as long-term holders retreat from selling.
Key points:
- The percentage of Bitcoin’s realized cap involving coins dormant for 18 months or longer has remained broadly stable since mid-September, dropping from 26.98% to 26.59%.
- CryptoQuant analysis showed that longer reductions in the cohort’s onchain activity accompanied the start of previous Bitcoin bull markets.
- Coins that last moved at least five years ago account for around 34,000 BTC in monthly onchain volume — half that of 2024.
Old coin dormancy points to “early stages” of Bitcoin bull market
Data from onchain analytics platform CryptoQuant shows that investors holding coins for 18 months or longer are starting to become less active.
On Sept. 16, the 18-month-plus cohort’s share of realized cap — the value of all coins at the price they last moved onchain — hit 26.98%, its highest since…
