The volume of digital gold, inactive for over seven years, moved since the beginning of the year has reached a historic high. Analysts at OnChainSchool have noted this development.
In 2023, the figure was 59,000 BTC, in 2024 — 255,000; and for the incomplete 2025 — 270,000.
“More and more coins from the early era are coming into motion,” the researchers emphasized.
They identified possible reasons for this trend:
- old miners moving long-term reserves;
- funds being transferred to new cold wallets for security reasons;
- long-term holders selling some coins amid high prices.
“If the trend continues, the volume of moved coins in 2025 will exceed 300,000 BTC,” analysts predicted.
Hodlers Pressure the Price
An on-chain expert known as Darkfost highlighted the most concerning factor in the current market situation:
“After peaking at 14,000 BTC in realized profits, long-term holders still record about 12,000 BTC today — the figure remains high.”
However, the analyst noted that the figure is gradually declining as the cycle progresses. At the first local peak, it was 26,000 BTC, then decreased to 24,000 BTC, and recently dropped to 17,000 BTC.
In terms of short-term prospects, the expert suggested two possible scenarios:
- strong demand capable of absorbing current sales;
- a deeper correction that could “neutralize the remaining pressure from sellers.”
In conclusion, Darkfost urged close monitoring of this metric.
Meanwhile, analyst Axel Adler Jr. noted a decrease in “speculative pressure”:
Bitcoin Heat Macro Phase has dropped into the Bottom / Accumulation zone, indicating a decrease in speculative pressure. In a bull market, such values coincide with periods of position accumulation before the next growth phase. To realize a rally, volatility needs to decrease and… pic.twitter.com/bdVMsI7RCA
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 24, 2025
“In a bull market, such values coincide with periods of position accumulation before the next growth phase.”
To initiate a rally, a decrease in volatility and “the absence of negative factors in the world for at least a week” are necessary, the expert added.
Recently, whales sold 17,500 BTC amid a market downturn.