Bitcoin “Diamond Hands” Start To Break As 1yr+ Supply Ramps Up Selling
June 21 2022 - 3:00PM
NEWSBTC
Data shows the Bitcoin supply older than 1 year has shown
accelerating movement recently, suggesting even the crypto’s
stronger hands are feeling the fear in the market. Bitcoin Diamond
Hands Are Starting To Budge In Current Market According to the
latest weekly report from Glassnode, 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. When the value of this metric spikes up,
it means a large amount of coins belonging to Bitcoin hodlers are
being moved at the moment. Such a trend, when prolonged over a
period, may be bearish for the crypto’s price as this kind of
movement can imply the diamond hands in the market have been
selling. On the other hand, low values of the metric imply there
hasn’t been any significant movement in the supply older than one
year recently. 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: Glassnode's The Week Onchain -
Week 25, 2022 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: BTCUSD on TradingView Featured image from Unsplash.com,
charts from TradingView.com, Glassnode.com
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