Recently, an event of '80,000 dormant Bitcoins activated after 14 years' has triggered market panic. This article will analyze the deep structural changes in the cryptocurrency market through multi-dimensional data perspectives. According to the latest statistics, the current total circulation of Bitcoin is 19.88 million, of which 1.617 million coins have been inactive for 7-10 years, and there are 3.346 million 'ancient coins' held for over 10 years. The total of these two categories of long-term dormant coins is 4.96 million— the 80,000 Bitcoins activated yesterday come from this 'dormant legion.'
(Figure 1: Comparison of Bitcoin Holding Time Distribution)
In stark contrast to long-term chips, there are only 2.4 million Bitcoins held for less than 3 months, which is less than 50% of long-term chips. It is worth noting that even the coins over 10 years old, which are viewed as 'never to be sold', have shown an accelerated circulation trend in recent years. Data shows that November 2024 - January 2025 will be the peak for the sale of old coins in nearly two years, followed by the period from April to July 2025 (Figure 2). Does the continuous activation of these 'ancient chips' imply potential selling pressure?
(Figure 2: Timeline of Bitcoin Sales Over 10 Years)
However, another set of data on market structure may alleviate concerns: wallets holding 100-1,000 BTC account for 20.6% of total circulation, while the 1,000-10,000 BTC holding group accounts for 27.5%. If we add the super wallets holding over 10,000 coins, large holders collectively control 62.7% of circulating chips (Figure 3). Based on the current price of $110,000 per coin, holding 100 Bitcoins is equivalent to possessing $11 million in assets—over 60% of the chips are concentrated in the 'hundred-million club.'
(Figure 3: Distribution of Bitcoin Holding Group Structure)
This data reveals an important trend: Bitcoin is accelerating its concentration towards long-term players and high-net-worth individuals. Despite frequent activation events of older coins in circulation, the 'core layer of holders' consisting of professional institutions, traditional capital, and early whales still holds absolute dominance. While the market's attention is focused on short-term chip fluctuations, this quietly ongoing 'wealth migration' may be the key variable determining Bitcoin's long-term trend.