EddieJayonCrypto
5 Mar 24
An analysis of on-chain data has revealed that a whale has moved 1,000 BTC that had been dormant for over 10 years on the Bitcoin network. The movement was tracked using the "Spent Output Age Bands" (SOAB) metric, and a significant spike was observed in the 10 years age band. The transfer of such o...
An analysis of on-chain data has revealed that a whale has moved 1,000 BTC that had been dormant for over 10 years on the Bitcoin network. The movement was tracked using the "Spent Output Age Bands" (SOAB) metric, and a significant spike was observed in the 10 years age band. The transfer of such old coins can indicate selling, but this is a normal occurrence in bull markets. Bitcoin is currently trading around $67,000, showing an 18% increase over the past week.
As pointed out by CryptoQuant Netherlands community manager Maartunn in a post on X, the BTC network has just witnessed the movement of coins dormant since 10 years ago. The indicator of interest here is the “Spent Output Age Bands ” (SOAB), which measures the total amount of coins that the various Bitcoin age bands are moving across the chain right now. For example, the 1 day to 1 week age band includes all coins that had their last transaction at least 1 day and at most 1 week ago. The SOAB for this particular group would track the movements of coins satisfying this condition. The below chart shows the recent trend in the SOAB for this Bitcoin group
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