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Antiquated Bitcoin Wallets Updated During Rally

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BTC (Bitcoin) is currently updating from its antiquated wallet addresses. These outdated addresses was active  for 7 to 10 years and just strike a 5-year low.

This metric is suggesting is that the long-term investors are partaking in profit-taking businesses as they plan to take advantage of the asset’s rally to $30,000.

More Details

The number of old BTC tokens witnessed their active trade for 7 to 10 years. However, they recently hit a low of 1.18 M Bitcoin, which represents about 6% of the overall Bitcoin supply.

According to Glassnode data, the last time this metric witnessed this level of decline was back in 2018.

Looking at the Glassnode chart shows a gradual and constant decline in the number of Bitcoin tokens that were last active during that time frame. The decline started in mid-2021 and continued until 2023.

This situation shows that the campaign for redistribution conducted by the long-term holders isn’t a new venture.

Nevertheless, the aim of the redistribution campaign must have been modified from last year to this year.

READ ALSO: Bitcoin Miners Pocket $5 Million On Ordinals, Reddit Non-Fungible Tokens Get Botting Backlash

Speculations about Redistribution

The amount of addresses that held at least 100 Bitcoin which is worth ~$3 million has declined to 15,793. This decline was last seen in December last year.

This situation solidifies the speculations about a redistribution trend. As of this April, these age-old addresses are standing at 15,997.

update on bitcoin wallet

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As per CryptoQuant a cryptocurrency data resource, exchange BTC reserves have also witnessed a significant uptick.

According to the data, the number of Bitcoin exchanges has hit up to 2.7M at this time. Experiencing an increase in the reserve on-the-spot exchanges shows higher selling demands on investors.

Moreover, what this metric is indicating is that there is a pattern for the distribution between investors. Most especially, among Bitcoin’s latest high of $30, 000 price points as of April 11.

READ ALSO: Digital Treasures Center Changed Brand name to dtcpay

Meanwhile, Bitcoin is swapping at $30, 196 which is up to 0.71% within the last 24 hours.

At present, Bitcoin has its sights on attaining the $31, 000 price range. However, its RSI (Relative Strength Index) indicates that it may soon see a reversal in price as it went into the overbought regions.

On the other hand, the ETH price increases as well despite the staking withdrawals it faces. Even though Shapella otherwise known as the ETH blockchain’s Shanghai upgrades, allows validators to take back their staked assets at last, Ethereum’s price surprisingly skyrocketed.

However, experts are expecting the price to dip as the long-awaited upgrade draws near.

 

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