Bitcoin (BTC) closed around the $64,800 price level on Thursday, continuing to hold within a tight range after peaking near the $66,520 level in late July. Although the price action largely remains quiet, the composition of BTC hitting crypto exchanges this week is more notable.
Bitcoin dormant coins flood into Coinbase
According to exchange level data received on Friday, BTC Coinbase netflow increased approximately 838 percent in comparison to its 30-day average, and nearly a massive 29,760 percent compared to its 3-month baseline.
More importantly, inflows of BTC aged 5-7 years surged into Coinbase by more than 1000 percent in comparison to the quarterly baseline. The 3-5 year old BTC cohort showed a similar pattern.
In addition, spending from 3-5 year old BTC wallets climbed nearly 600 percent on a week-over-week basis, representing around $367 million in realized value.
For comparison, referring to Binance data is important. Over the same 14-day period, the exchange’s BTC netflow swung sharply without forming a clear trend. From a -5,124 BTC outflow on July 27, it changed to a +3,289 BTC inflow on July 31.
The contrast suggests the movement of older coins is concentrated on Coinbase rather than reflecting a broader market rotation.
BTC NVT golden cross cools down
Meanwhile, the BTC net value transfer (NVT) golden cross is starting to show signs of cooling down.
Recently, the indicator had pointed to undervaluation, however, now it has reversed sharply, falling more than 300 percent week-over-week and over 1,200 percent versus its 3-month baseline.
Such declines in NVT typically indicate transaction activity is cooling relative to price, the opposite of what is usually seen during accumulation.
At the same time, BTC derivatives remain subdued. Binance funding is steady around 0.00-0.01 – while the Coinbase Premium stayed negative throughout the period – ranging from -0.04 to -0.14 without a single positive reading.
That said, BTC whales are accumulating, likely in anticipation of a bullish rally in the short-term time horizon. Fresh on-chain data also shows that BTC long-term holders’ supply has declined considerably, laying the foundation for positive price action in the coming weeks.
