Analysis: Bitcoin Long-Term Holder Activity Picks Up, but It’s No Clear Sell Signal

Forecast Trend Report by Period

Bitcoin held by long-term investors is starting to move again, though the shift does not necessarily point to selling, according to a new analysis.

Axel Adler Jr., a CryptoQuant contributor, wrote on X on Aug. 14 that Bitcoin’s Average Coin Dormancy 30-day moving average had risen to 19 days, surpassing the 365-day moving average for the first time this year.

The metric shows how long transferred Bitcoin had been held since its previous transaction. A higher reading suggests coins that had remained inactive for a long period have started moving again.

Adler said the latest increase in the indicator should not be treated as an immediate sell signal. Some of the rise following the Coldcard hack may reflect large-scale transfers of Bitcoin to new wallets rather than sales, he wrote.

The current increase in dormancy should not automatically be interpreted as distribution by long-term holders, he added.