Bitcoin metric warns of $21,000 profit taking as decade-old BTC wakes up

Bitcoin is getting livelier at current six-week highs, data shows, as profit taking returns to the spotlight. Market news

Bitcoin (BTC) dormant for a decade wakes up this week as BTC price action hits six-week highs.

Data from on-chain analytics firm Glassnode shows that some of the oldest “dormant” bitcoins are coming back into circulation.

BTC trends come out of hibernation

As BTC/USD makes a strong comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.

According to Glassnode, the number of bitcoins previously parked in their wallet for 7-10 years but inactive again hit a one-month high on October 29.

This is actually the latest in a series of such highs, the previous one having been observed on October 1.

BTC amount of bid last activity 7 -10 graph years ago. Source: Glassnode/Twitter

Further figures reveal that Unspent Transaction Outflows (UTXO) in profits hit a one-month high of over 73% on October 28, targeting to eclipse September levels.

Glassnode shows that the transfer of Bitcoin is done quickly with profit, rather than loss.

Bitcoin Unspent Transaction Outputs (UTXO ) into chart profit. Source: Glassnode/Twitter

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