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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Sleeping Bitcoin Giants Wake Up: Pattern Mirrors 2021 Bull Run

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin Whale

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On-chain data shows the dormant Bitcoin whales have been becoming active again recently in a fashion that’s reminiscent of the 2021 bull run.

Bitcoin Whales Dormant Since 10+ Years Ago Are Waking Up

In a new CryptoQuant Quicktake post, analyst Maartunn has talked about a pattern forming in Bitcoin that looks similar to what happened back in 2021, during the last bull run

The indicator of interest here is the amount of Bitcoin being moved on the blockchain that was dormant since at least ten years ago before the transaction took place.

Ten years is naturally a very long stretch of time, so whenever wallets holding BTC this old activate again, it’s always something that ignites discussion in the community.

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In many cases, coins reach such an old age only because they became lost at some point. A lot of this supply would never be involved in transactions again, because of the wallets carrying them being lost to the point that they can’t be rediscovered by any means possible.

Some of the supply may simply be forgotten about, rather than lost, and might get found once more. When this happens, the finder (who may or may not be the original owner of the coins) could decide to shift the coins immediately, cashing in on them by selling, or perhaps, they may just decide to hold off a bit more, finding the appropriate price timing to offload the Bitcoin.

The below chart notes the instances where coins dormant since 10 years ago showed some movement during the past few years.

Bitcoin Dormant Whales

Looks like these old coins have moved again recently | Source: CryptoQuant

From the graph, it’s visible that the Bitcoin bull run back during the first half of 2021 saw many instances where large amounts of such dormant BTC stacks broke their silence.

Some of these whales who woke up could have been those who remembered their old BTC wallets after seeing the cryptocurrency making waves on the news, while others might have been those who had already rediscovered their old coins a while back, but had since been waiting for this profitable selling opportunity.

The 10 years old coins had mostly remained dormant in the second half of the bull run and the 2022 bear market, making only a few large moves. Among these, two in particular were quite interesting, as they coincided with bottoms in the asset’s price.

Maartunn has highlighted these instances in the chart. According to the analyst, it’s possible that these were whales who were panic selling after seeing the cryptocurrency decline to the lows.

As is apparent from the chart, dormant whale activity has heated up once again recently. “Looking at the past few months, there have been more than 13 similar transactions. It’s striking that this is happening during the uptrend, as Bitcoin is rising due to news about the emerging ETF,” notes Maartunn.

The latest of these transactions was just yesterday, when a 1,000 BTC stack more than 10 years old became involved in a move. In a post on X, the same analyst has explained that this whale is a retired miner, as many of the inputs that their wallet received came directly from the network’s block reward.

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It would appear that the latest rally in the cryptocurrency is creating a similar effect as the 2021 bull run, attracting these dormant whales to finally move their coins.

BTC Price

At the time of writing, Bitcoin is trading around $42,400, up 13% in the past week.

Bitcoin Price Chart

The price of the asset appears to have shot up during the last few days | Source: BTCUSD on TradingView
Featured image from Todd Cravens on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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