A significant surge in on-chain activity from long-term Bitcoin holders has emerged, with older wallets moving coins to Binance at the highest rate since July 2025. According to data from CryptoQuant, the Exchange Inflow – Spent Output Age Bands indicator spiked sharply on November 4, highlighting increased transfers from wallets holding Bitcoin for extended periods.
The movement was predominantly led by coins aged five to seven years, followed by those held for three to five years, with a notable resurgence from wallets inactive for seven to ten years. This pattern suggests a shift in sentiment among seasoned investors, often seen as a precursor to market turning points. Despite this activity, Bitcoin's price has remained relatively stable, hovering near $106,000, indicating a controlled redistribution rather than panic selling.
Experts attribute this trend to strategic motives. Dr. Martin Hiesboeck, head of research at Uphold, noted that long-term holders may be selling to repurchase through Bitcoin ETFs for tax advantages under U.S. regulations or reallocating funds into higher-return blockchain projects. Additionally, Lookonchain reported that early arbitrage trader Owen Gunden moved 11,000 BTC to an exchange, fully exiting his position, underscoring the broader repositioning.
CryptoQuant's Bitcoin Market Pulse Index (BMPI) reflects a cooling phase toward neutral, with declining speculative leverage, stable miner profitability, and subdued funding rates. Analysts describe this as a mid-cycle reset, where if the balance between incoming supply from older holders and steady demand from newer investors persists, it could lead to upward price accumulation. As one expert stated, "If balance between older deposits and consistent demand from newer maturities persists, we may witness an upward price accumulation in the coming weeks."
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