The percentage of Bitcoin that hasn’t been touched or transacted in the last at least two years is now approaching the levels unseen since mid-2017.

According to Coin Metrics’s latest report, as of March 1st, about 42 percent of all Bitcoin has not been moved on-chain for about two years. Also, the amount of bitcoin untouched in over two years has not “eclipsed” 42% since July 2017.

Last week, bitcoin price took a drop of 16% when it slid from above $10,000 to nearly $8,400. The recent price slide under $9,000 however, didn’t see a large spike in transfer value days before this drop.

In early February, we saw a few fluctuations but there haven’t been any “abnormally ” large spikes since Feb. 3rd and 7th, reported Coin Metrics.

This data is based on the bitcoin transfer value days destroyed which is the BTC transfer value multiplied by the number of days since those bitcoins were last transacted.

However, as can be seen in the past year, the biggest spike was seen in last July when BTC price was trading near $8,700, down from late June’s $13,900 only to jump to $12,000 in the first week of August.

The BTC transfer value days destroyed gives a larger weight to the transfers that involve coins that haven't been moved in a long time. Spike in this metric signals that long dormant bitcoins have been transferred, which could potentially precede sell-offs.

As per this metric, a coin that hasn't been transacted in 100 days is weighed more than a coin that had been transacted one day ago.

Over the years, the BTC transfer value weighted by days destroyed, smoothed using a seven-day rolling average has been rising only to peak during the last bull cycle, towards the end of 2017. From where it crashed in mid-2018.

However, the spike in late 2018 when the price of bitcoin hit the bottom was the largest one ever and now we are starting to see some movement again.

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