(Outdated-rejected) Dormant Bitcoin and Ethereum are on the Move Again, Which is Bullish

The latest surge in the crypto market has made Bitcoin (BTC) and Ethereum (ETH) increase by 22.15% and 29.65% in the last seven days, respectively. Bitcoin was hovering around $46,201 and Ethereum at $3,221 during intraday trading, according to CoinMarketCap.

Dormant coins in these markets have been on the move again, as acknowledged by Santiment. The on-chain metrics provider explained:

“One of the key indicators we look to as a sign that a ranging or bearish period is coming to an end in the Mean Dollar Invested Age. We're seeing that the average age of dollars for both BTC & ETH is no longer rising as dormant investments are moving.”

Whenever dormant coins gain momentum and start moving again, this is usually a bullish sign.

Low volatility had engulfed the crypto market in the recent months, making most cryptocurrencies indecisive as China continued with intensified crackdown on crypto mining activities.

Ethereum has been experiencing an uptick in price days after the London Hardfork or EIP 1559 upgrade went live, seeking to make the second-largest cryptocurrency deflationary.

This improvement will see a base fee set for every transaction carried out, giving all a fair opportunity on the ETH network.

The dominance of large Bitcoin transactions surge by over 65%

According to crypto analytic firm Glassnode:

“The dominance of large Bitcoin transactions (> $1M) has risen from 30% in 2020, to over 65% in 2021. This reflects a growing share of institutional interest, and capital being transferred across the Bitcoin network.”

Institutional investment played a pivotal role in making Bitcoin attain an all-time high (ATH) price of $64.8k in mid-April. Therefore, an uptick in institutional interest on the Bitcoin network is bullish.

Meanwhile, Bitcoin’s supply ration on exchanges recently hit a 26-month low indicating that holders are still confident in the leading cryptocurrency.