- A 20,028 BTC surge from 3 to 6 month holders coincided with Bitcoin falling below the $110K level.
- Total derivatives open interest hit $37.8B, with futures contracts showing the steepest percentage drop.
- Binance and Bybit remained dominant, jointly accounting for more than $21B in open interest.
A substantial batch of previously dormant Bitcoin just re-entered circulation, marking one of the largest age band activity spikes in recent weeks. Analyst Ali reported that more than 20,000 BTC, specifically held for three to six months, moved on-chain on September 26.
This cohort had remained relatively quiet earlier in the week, yet their sudden movement aligned precisely with Bitcoin’s broader price downturn. BTC slid from around $116,000 on September 21 to $109,190 by September 26, having two sharp intraday drops on September 22 and 25.
Spent Output Spike
The Spent Output Age Bands (SOAB) for the 3–6 month group showed modest spending between September 22 and 24. However, that activity remained comparatively muted until the surge above 20,028 BTC on September 26.
That specific spike stood out due to its scale relative to prior days, suggesting stored supply returned to circulation within a compressed time window. This movement corresponded directly with Bitcoin slipping below $110,000, adding further pressure during a weakening structure.
Derivatives Markets Show Mild Contraction
While on-chain spending accelerated, derivatives positioning changed more smoothly. According to Coinalyze, aggregate open interest across contracts reached $37.8 billion, showing a 0.36% decline within 24 hours.
Perpetual contracts dominated with $35.4 billion in exposure, registering a smaller 0.09% pullback, whereas traditional futures dropped by 4.36% to $2.3 billion. That contrast pointed toward light deleveraging rather than full scale liquidation, indicating current positioning is largely intact.
Exchange Concentration at the Top
Binance led open interest distribution at $12.0 billion, followed by Bybit at $9.1 billion and Huobi at $4.3 billion. OKX and Hyperliquid posted $4.0 billion and $3.5 billion respectively, while Deribit contributed $2.7 billion.
Smaller platforms such as Bitfinex, BitMEX, Kraken, dYdX, and WOO X collectively held under $2 billion combined. This distribution showed that most active positioning stays concentrated within five major venues.
However, derivatives contraction and renewed spot activity from mid term holders introduced dual pressure across both speculative and on-chain fronts. The contrast between steady open interest and aggressive spent output behavior suggested profit rotation rather than broad liquidation.
Further movement from similar age bands may offer clarity on whether this run constitutes isolated distribution or an emerging pattern.
