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HomeCrypto NewsMarket2,400 Bitcoin Dormant For 7 Years Just Moved On-Chain 

2,400 Bitcoin Dormant For 7 Years Just Moved On-Chain 

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Analysis

The fund movement coincides with Bitcoin’s bullish situation as it looks to establish a firm position above $28,000.

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Bitcoin (BTC) is witnessing the reawakening of old BTC, as whales recently moved up to 2,400 tokens that had been dormant for five to seven years. The fund movement coincides with Bitcoin’s bullish situation, as the asset looks to establish a solid position above the $28,000 price territory.

The tokens, which should be worth $66.8 million as of press time, were moved earlier today, as highlighted by CryptoQuant author Maartun who cited data from the Bitcoin: Spent Output Age Bands.

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The Bitcoin Spent Output Age Bands (SOAB) is a prominent technical indicator used in cryptocurrency analysis to measure the age of the outputs (or coins) spent in a particular transaction.

A further look into the indicator reveals a growing pattern of fund movements involving BTC tokens aged three to seven years. Recall that last Friday, The Crypto Basic called attention to the movement of 3,200 BTC that had been dormant for three to five years.

Data from the SOAB shows that an additional 1,184 BTC aged three to five years moved two days ago. On the same day, whales transferred 930 Bitcoin tokens dormant for five to seven years. The purpose of these movements remains unclear, as there is limited information surrounding the transfers.

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BTCs are Moving Out of Exchanges

Nonetheless, speculations of flows into exchanges could be misplaced, as on-chain data suggests otherwise. According to Glassnode, BTC has seen average outflows from exchanges for three consecutive days since March 21. The latest disclosure saw $190.5 million worth of BTC leave exchanges yesterday.

 

This means that, recently, BTC funds have been leaving exchanges at a higher rate than they are entering these platforms. Moreover, Glassnode revealed on Wednesday that Bitcoin’s exchange net flow recently hit a 3-month low of negative $15.7 million.

 

In addition, data from CryptoQuant corroborates the Glassnode metrics. According to the CryptoQuant BTC Exchange Netflow indicator, net deposits on exchanges are low when compared to the 7-day average. Wednesday saw the largest volume of outflows recently, with 12,715 BTC leaving exchanges on that day.

Meanwhile, BTC is currently changing hands at $27,751 as of press time, looking to reclaim the $28,000 price territory after slipping below it again barely three hours ago. The asset is currently up 1.31% in the past 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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