Bitcoin bull market in ‘early stages’ as old coins go dormant, analysis says

The signal here is behavioural rather than price-based: long-dormant coins changing hands is typically read as conviction shifting from patient holders to active ones, and the analysis treats that rotation as an early-cycle marker. It matters most for on-chain analysts and long-horizon holders who track supply in motion as a sentiment proxy. The open question is whether the decline in dormant supply continues, since a reversal — coins settling back into inactivity — would undercut the 'early stages' framing.