Ancient Bitcoin supply nears all-time highs: What this means for experienced HODLers

Quick Take

Given the infamous volatility of Bitcoin markets, coins aged 5yr or more are typically owned by HODLers who are very experienced in market cycles (or they are lost).
These coins are spent infrequently and represent just a small fraction of the daily transfer volume (if any). We refer to these as colloquially Ancient coins.
However, these coins may have also been acquired at much lower prices by mining or on secondary markets. When these coins are spent, they can represent very large USD-denominated values at modern prices.
Currently, these coins, as a supply %, are either at all-time highs or just below their all-time high.
In addition, ancient coins being spent is a normal occurrence in bear markets — especially last year during capitulation events. Examples can be seen with FTX and Luna collapse.

Coins aged 7yr+: 5.540M Bitcoin (All-Time High)