Older Bitcoiners' Spending Heats Up — $4.02 Billion BTC Since February

Old Bitcoin Wallets Unleash $4 Billion in Spending, Signaling Increased Activity

Glassnode, a leading on-chain data provider, has detected a notable spike in Bitcoin (BTC) spending from dormant wallets. The total volume of BTC transactions has exceeded $4 billion, reaching its highest point since February this year.

The data reveals that wallets holding Bitcoin for 3-5 years are experiencing their second-largest outflow since March 2022, when they moved approximately $6 billion worth of BTC. Currently, this cohort has spent around $2.16 billion. Meanwhile, 2-3-year-old wallets have contributed $1.41 billion in transactions, and 1-2-year-old wallets have moved $450 million worth of BTC.

This marks the fifth-largest spending surge in the current Bitcoin cycle for the 1-5-year wallet cohort, with long-term holders driving most of the activity.

Bullish Predictions and Catalysts for Bitcoin's Future

Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, argues that the cryptocurrency's full potential remains underestimated. He contends that Bitcoin could reach $10 million per coin if more people understood its capacity to revolutionize global finance.

Mow maintains his bullish outlook, predicting Bitcoin will inevitably hit $1 million soon. While he acknowledges that spot Bitcoin ETFs and the recent halving could have fueled price growth, he notes these catalysts haven't yet produced the expected surge.

Instead, Mow attributes Bitcoin's 2022 price rally to the election of pro-crypto candidate Donald Trump. After taking office, Trump implemented policies favorable to cryptocurrency, including establishing a Strategic Bitcoin Reserve, appointing a crypto-friendly SEC chair, and halting legal actions against crypto firms.

This year, Bitcoin has already achieved new record highs, surpassing $111,000 on May 23 following a U.S.-China agreement to extend trade tariff negotiations.