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On-chain data shows Bitcoin whales holding since between three and five years ago have come alive to move a large number of tokens.
Bitcoin HODLer Whales Have Broken Their Silence Recently
In a new post on X, CryptoQuant community analyst Maartunn has talked about how some old Bitcoin investors have shown movement recently. The on-chain indicator of relevance here is the “Spent Output Age Bands” (SOAB), which tracks the transaction activity related to a given ‘age band.’
An age band defines a time-range during which coins falling inside the band were last transacted on the network. The 1 day to 1 week band, for example, includes the part of the BTC supply that was last moved between 1 day and 1 week ago.
When addresses falling inside a particular age band make a transaction, the corresponding SOAB registers a spike. In the context of the current topic, the group of focus is the 3- to 5-year-old group.
Below is the chart shared by the analyst that shows the trend in the SOAB of the cohort over the past day:
As displayed in the above graph, the indicator has registered a large increase for the 3-year to 5-year age band, which implies the investors have just moved a huge amount of old coins.
In total, the age band has been responsible for transactions involving 8,003 BTC. At the current exchange rate, this stack is worth more than $760 million in US dollars.
Statistically, the longer an investor holds onto their coins, the less likely they are to sell them in the future. This means that as holders mature into the older age bands, they become more resolute.
The HODLers of the market (holding for more than 155 days) are known as the long-term holders. Considering that the age band from the chart involves coins older than three years, the investors holding them must be stalwart even by HODLer standards.
Thus, to see these diamond hands break their long silence to move such a large stack could be a worrying sign for Bitcoin, if the motive here is for selling, as is often the case when long-dormant tokens shift.
The movement from the 3-year to the 5-year age band has come as BTC’s recovery rally has stalled into flat price action. It’s possible that these whales think this may be their best chance of getting out with their profits, so they have decided to sell.
The SOAB of this Bitcoin group and other old ones can now be worth keeping an eye on, to see if more of the resolute hands join in on the profit-taking.
BTC Price
At the time of writing, Bitcoin is trading around $95,100, up almost 2% in the last seven days.
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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