Key Points
- A dormant Bitcoin wallet moved 10,158 BTC, pushing $37.4B in on-chain volume, the highest in seven months.
- Bitcoin inflows to exchanges increase, indicating potential selling pressure as BTC stabilizes around $61K.
A significant transaction involving a dormant Bitcoin (BTC) wallet has been reported, moving 10,158 BTC, or roughly $681 million, back into circulation.
This substantial transfer led to an overall on-chain volume of $37.4 billion, marking the highest amount seen in the past seven months.
Increased On-Chain Activity
The surge in on-chain activity was identified by blockchain analytics platform, Santiment. The reactivation of dormant Bitcoin often leads to an increase in price.
This recent event suggests a change in behavior among long-term holders as a significant amount of previously inactive BTC is now back in the market.
Data from Lookonchain was also linked to the transaction, indicating potential market ripple effects.
On a single day, the on-chain transaction volume reached $37.4 billion, the largest daily volume since March 12, 2024.
The increase was largely due to the movement of dormant Bitcoin, indicating that large holders are becoming more active.
Bitcoin Network Metrics
Despite the spike in on-chain volume, some key metrics for Bitcoin addresses have seen a decrease.
Data from IntoTheBlock showed a decrease in new, active, and zero-balance addresses over the past week.
New addresses decreased by 5.56%, active addresses by 6.54%, and zero-balance addresses by 10.06%.
This decline in address activity could signal a short-term decrease in network participation. However, Bitcoin’s price remains relatively strong.
Analysis of Bitcoin spot inflows and outflows showed more BTC moving into exchanges, indicating potential selling pressure.
As of October 10, there was a net inflow of $7.35 million. This minor inflow suggests some traders may be preparing to sell, but it is not significant enough to indicate a major market shift.
Bitcoin’s price was $60,947 at the time of reporting, showing a slight decrease from the previous week. Despite the inflows, the price has remained relatively stable, suggesting that the selling pressure may not be strong enough to cause a major downward movement at this point.
