Bitcoin Diamond Hands Are Starting To Budge In Current Market
According to the latest weekly report from , BTC’s older supply has been observing selling in recent days. The relevant indicator here is the “revived supply last active 1+ years,” which measures how many coins that have been sitting still since at least one year ago are seeing movement per day.Related Reading | Bitcoin Long-Term Holder Loss-Taking Now Highest Since 2019
This trend shows hodlers are holding strong on to their coins, a sign that could be either neutral or bullish for the coin’s value. Now, here is a chart that shows the trend in the revived Bitcoin supply last active 1+ year ago over the past 12 months:The value of the indicator seems to have been high recently | Source:As you can see in the above graph, a large amount of coins last active more than a year ago showed movement in recent days. Also, not just that, this spending of old coins has been rather accelerating, now reaching a value of 20k to 36k BTC per day.
Related Reading | New York’s Latest Bill Clamping Down On Bitcoin Mining Draws Sharp Criticism From Industry
This implies that these long-term holders have been ramping up their selling in the last few days as the price of the crypto has struggled.The trend suggests that the recent crash has put fear and panic among even the stronger of Bitcoin hands, who are usually the last to budge during selloffs.
If the selling of coins older than one year continues on, then BTC could observe further downtrend in the near future.BTC Price
At the time of writing, Bitcoin’s price floats around $21k, down 5% in the last seven days. Over the past month, the crypto has lost 28% in value.
The below chart shows the trend in the price of the coin over the last five days.Looks like the value of the crypto has been steadily rising over the last few days | Source:
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com