the approval of spot Bitcoin ETFs in early 2024, o

the approval of spot Bitcoin ETFs in early 2024, on-chain behavior has shifted dramatically — especially among long-dormant wallets.

Active supply has grown by nearly 900,000 BTC, while the estimated number of “lost” coins has dropped by over half a million.

This shows that coins previously thought to be unrecoverable are moving again, likely spurred by confidence and rising prices.

Long-term holders are repositioning or offloading portions of their stash, a familiar move during bullish cycles