Old Coins Activity
Are long-held coins suddenly waking up, or sitting still?
This tracks whether Bitcoin that has been sitting untouched for months or years is suddenly being moved. Read more
Even with price under pressure, old coins aren't moving. Long-term holders are refusing to sell at these levels — they've seen worse before and they're choosing to wait it out. When the most patient people in the market won't sell during a dip, it means the selling pressure is coming from short-term traders, not from structural holders.
Old coin activity dropped from very active by historical standards to around average activity over the past 6 months. Experienced holders are becoming less active — choosing to sit rather than sell.
If old coins suddenly start moving while price is rallying, it shifts from quiet confidence to profit-taking. A spike alert would appear above. If they start moving during a price drop, it could signal capitulation — painful but historically near bottoms.
Both versions agree: old coin activity is extremely quiet right now. When both readings align like this, the signal is stronger — it's not just coins sitting still, the economic value of movement is also near historic lows.
Related: MVRV Ratio — This tells you whether old coins are moving. MVRV tells you how much profit holders are sitting on. View MVRV →
Related: HODL Waves — See the actual age distribution of all Bitcoin. View HODL Waves →
Understanding Old Coins Activity
Not all Bitcoin transactions are equal. If someone moves a coin they've held for 3 years, that's a way bigger deal than someone moving a coin they bought yesterday. This metric tracks the weight of coins being moved — multiplying the amount by how long it sat still. So old, large movements light it up, and quick flips barely register. Think of it as a motion sensor for dormant coins.
Very Quiet and Quiet mean old coins are sitting still — experienced holders aren't selling. During recoveries, this is a sign of confidence. During dips, it's stubbornness that builds the foundation for recovery. Stirring and Active mean dormant coins are waking up. Sustained high activity, especially during a price rally, has been one of the most reliable signs that experienced holders are cashing out. Cashing Out is the extreme — a level that has only appeared near major cycle tops.
The raw daily number is noisy — one large transaction can spike the reading for a day without meaning anything. Smoothing over 30 days filters out the noise and shows the real trend. What matters isn't a single day's movement, but whether old coins are consistently staying quiet or consistently waking up over weeks.
The same reading means different things depending on what price is doing. Old coins moving during a rally usually means profit-taking. Old coins moving during a crash usually means capitulation. Old coins sitting still during either? That's the strongest signal of all — conviction that doesn't waver regardless of what price does.
There's a dollar-adjusted version (shown in the Price-Adjusted View) that multiplies old coin movement by Bitcoin's price. It's useful for comparing activity across different price eras, but for reading holder behavior day-to-day, the pure count is cleaner. When Bitcoin's price swings 5% in a day, the dollar version moves 5% even if no additional old coins moved. The pure count doesn't have that problem.