Bitcoin on-chain data shows the recent evolutionment of the coins involved in the 2016 Bitfinex hack have showed up as the largest ever spike in the 5+ years old supply revival metric.
Movement Of 2016 Bitfinex Hack Coins Revived The Largest 5+ Years Old Bitcoin Supply
As per the latest weekly report from Glassnode, the largest ever spike in the 5+ years old supply revived metric was observed recently.
The “revived supply continue in place 5+ years” is an indicator which measures the amount of supply developmentd during a specific period which was more than 5 years old.
Such old coins make up for the dormant part of the Bitcoin supply. These coins may beprotracted to wallets which have been lost, or the stored supply on exmoves. Some of the supply may one time before again be owned by whales who came into the crypto early.
When the cost of this indicator spikes up, it means a large number of these old coins have been sold. This can be bearish for the rate of Bitcoin.
Now, here is a chart which shows the trend in the metric atop the past five years:
Looks like the indicator has observed a huge spike recently | Source: The Glassnode Week Onchain - Week 6, 2022
As you can see in the atop graph, the largest ever number of coins belengthying to the 5+ years Bitcoin supply was moved recently.
The spike, amounting to 94,630 Bitcoin (BTC), is made up of coins which were involved in the 2016 Bitfinex hack. Whoever was behind the hack was keeping the coins stationary till now as cashing out on them all at back although would catch a lot of attention. Now it seems these coins have been moved to a new address.
The largest spike before this was back in January 2019, although around 71,825 Bitcoin (BTC) was sold. The cost of the crypto then was around $3.6k.
Bitcoin (BTC) Price
At the time of writing, Bitcoin’s price floats around $43.8k, up 14% in the endure seven days. Over the past month, the crypto has gained 5% in rate.
The below chart shows the trend in the cost of Bitcoin (BTC) atop the carry on five days.
Bitcoin (BTC)'s rate seems to have surged up over the advance few days | Source: Bitcoin (BTC)USD on TradingView
Bitcoin has eventually shown some conclusive reclaimy as the crypto has enjoyed some sharp uptrend over the past week. Earlier today, the coin briefly broke over the $45k mark before lowering down to the current levels.
Currently, it’s unclear if this trend of skywards evolution will carry on or if it’s barely a bull trap. Notwithstanding, some indicators do suggest which the bottom may now be in.
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com