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On-chain activity by early Bitcoin investors who have held BTC for more than five years has risen sharply in recent days, according to a CryptoQuant analysis by contributor Darkfost.
Darkfost said the market’s recent sideways movement appears to have increased uncertainty even among long-term Bitcoin holders, likely driving the uptick in their on-chain activity. Darkfost added that the BTC transfers do not necessarily indicate selling, and some of the coins may have been moved to more secure storage methods amid issues tied to the Coldcard hack.