Cryptocurrency

As Bitcoin Hits All-Time High, What Are Older Coins Doing On The Network?


The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

As the bitcoin price hits another all-time high, let’s dig into the behavior of what older coins are doing on the network. Their behavior helps determine the current state of market sentiment.

The spent volume age bands for coins older than three months helps to paint a clear picture of what happened at the previous all-time high. There was an increasing trend of older coins (supply greater than three months of age) being spent as price was bid up by new market entrants. The peak in spent volume share during this trend preceded the blow-off top in price back in April.



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