A large number of previously inactive Bitcoins started moving on-chain, signaling potential volatility and price surges in the days ahead.
At press time, the king coin was exchanging hands at $64.14k, 12% lower than the all-time high hit earlier in the month, according toHowever, days ahead could witness a significant bout of volatility. According to AMBCrypto’s analysis of Santiment’s data, many previously inactive BTCs started moving between addresses on the 23rd of March.Source: Santiment
But with Bitcoin’s price zooming to new highs in 2024, these long-term holders began chasing profits, freeing up more Bitcoins for active trading. Typically, fall in dormant supply precedes volatility and price surges.Notably, most of the long-term holders were in a state of profit, AMBCrypto analyzed using Glassnode’s Net Unrealized Profit/Loss metric.
Meanwhile, whales were making full use of the suppressed market to add more Bitcoin exposure to their portfolios.
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