Analysis: Bitcoin Long-Term Holders Have Not Distributed on a Large Scale, Early Coins Active Again Due to Coldcard Hack Incident

August 14th, CryptoQuant analyst Axel Adler Jr. stated in a post that the average Bitcoin coin dormancy 30-day moving average has risen to 19 days and has crossed above the 365-day moving average for the first time since the beginning of the year. Previously dormant BTC is becoming active again. However, after the Coldcard hack incident, this upward movement may not necessarily be due to selling but rather linked to a large amount of BTC being transferred to new wallets. Therefore, the current dormancy increase should not be automatically interpreted as long-term holders distributing.