CryptoQuant Analyst: Bitcoin Long-Term Holder Activity Rises as BTC Retests $60,000

CryptoQuant analyst Darkfost said recent on-chain data shows increased activity among Bitcoin's oldest holders. According to Odaily, wallets holding BTC for 5 to 7 years and 7 to 10 years have repeatedly moved more than 5,000 BTC per day in UTXO transactions. Darkfost said spending UTXOs does not necessarily mean selling. He said long-term holders typically move Bitcoin for two main reasons: security, such as changing wallet addresses, or asset sales. Current on-chain data has not shown large amounts of funds flowing to exchanges, and there are no signs of large-scale BTC selling by these long-term holders. He noted that the activity comes as Bitcoin retests the area near $60,000, similar to market action seen from February to March this year. Market participants are watching whether long-term holder activity will further affect BTC supply and demand.