Bitcoin's Dormant Supply Surges 121% in Q1 2025

In the first quarter of 2025, there was a significant surge in the movement of Bitcoin that had been dormant for over seven years. According to blockchain analytics firm CryptoQuant, approximately 62,800 BTC that had remained untouched for over seven years were transferred between January and March. This figure represents a 121% increase compared to the same period in 2024, when only 28,000 BTC were moved.

This activity is notable because it excludes the highly publicized 141,000 BTC linked to the Mt. Gox estate transfers in May 2024. By filtering out these court-mandated movements, the data provides a clearer picture of organic changes in investor sentiment. This trend follows smaller but notable awakenings seen earlier in the year, such as the sudden movement of 1,057 BTC that had remained inactive for up to a decade. At the time, speculation linked the move to market jitters following the introduction of new tariffs by U.S. President Donald Trump.

Analysts suggest that several converging factors may trigger this surge in the old Bitcoin movement. Macroeconomic instability, shifting market expectations, and institutional liquidity requirements are all being cited as potential catalysts. Moreover, Bitcoin’s recent price action has likely played a key role in motivating these moves. Meanwhile, whales and sharks (wallets holding between 10 and 10,000 BTC) have been steadily accumulating. During the recent price surge, these large players added 19,255 BTC to their holdings. Historically, such accumulation by large entities often signals confidence in future upside and precedes major price breakouts.

Bitcoin surged past $94,000, its highest level in months, prompting speculation that the long-awaited push past the $100,000 psychological barrier may be imminent. BitMEX co-founder Arthur Hayes forecasted that Bitcoin could surge to $200,000, citing the U.S. Treasury’s ongoing buyback of its own bonds as a key bullish driver. However, not everyone shares this optimism. CryptoQuant CEO Ki Young Ju remains cautious, reiterating his belief that the current rally may be short-lived. He noted that Bitcoin’s price is now 10% above the level at which he previously declared the bull market over, but insisted a true trend reversal will only be confirmed if BTC decisively clears the $100,000 mark.

“After I said the bull cycle was over, Bitcoin dropped 10%—but now it’s 10% above where it was when I made that call. He tweeted. “I still think we’re moving within a wide range. If it breaks above $100K, I’ll gladly admit I was wrong. Until then, I’m keeping an eye on the data for a few more weeks to see if this is truly a trend reversal.”