Long-dormant Bitcoin holders suddenly resurface – as BTC falls below $30k

Quick Take

• Spent volume lifespan is defined as the total transfer volume of coins last active between five-years and 10-years ago.
• Recently, we have seen a lot of sell pressure coming from ancient holders — who have held Bitcoin (BTC) for longer than five years.
• Most notably, five to seven-year holders — since the SVB collapse back in March — have been selling at an elevated rate especially compared to last year.
• These holders were spooked by events such as the FTX and Luna in 2022.
• These can be seen as capitulation events.

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