Bitcoin Bearish Signal: Long-Term Holders Selling Accelerates | bitcoinist.com

[ad_1]

On-chain data shows that long-term Bitcoin holders have just increased their sales as the binary CDD metric rises.

Bitcoin Binary Coin Days Destroyed Observed an Increase

As one analyst pointed out in a post on CryptoQuant, long-term holders may use the recent surge as an opportunity to distribute their coins.

A “coin day” is said to be the amount that 1 BTC accumulates by standing still for 1 day. Thus, the total number of days of coins on the market refers to the total length of time that the supply of Bitcoin has been inactive.

Each time a part moves on the chain, the part days associated with it reset to zero. “Coin Days Destroyed” is an indicator that measures precisely this, for the entire market, on any given day.

Each time the value of this metric increases, it means that a large amount of dormant supply, probably belonging to long-term holders or “hodlers”, has just been sold or moved.

One way to interpret the data associated with this indicator is to use the “Binary CDD” metric. Here is a graph that shows the trend over the past year:

Bitcoin binary CDD

Looks like the value of this metric has spiked up in recent days | Source: CryptoQuant

What Binary CDD tells us is whether long-term Bitcoin holders are making more moves than average or not right now.

When the indicator value approaches 1, it means that LTH may be currently exerting selling pressure in the market. On the other hand, values ​​pointing to 0 imply that LTHs are not moving as many coins at the moment.

Now, as you can see in the chart above, whenever the Binary CDD metric has seen rising values ​​over the past year, the price of the crypto has generally seen a steep decline.

Recently, the indicator has seen its value increase again while the price of Bitcoin has also increased.

This could suggest that LTHs are using this price surge as an opportunity to reap profits by selling some of their coins.

Going by the past trend, this peak in Binary CDD could turn out to be bearish for the value of Bitcoin.

BTC price

As of this writing, the price of Bitcoin is hovering around $21.7,000, up 9% in the past week. Over the past month, the crypto has lost 9% in value.

The chart below shows the BTC price trend over the past five days.

Bitcoin Price Chart

The value of the crypto seems to have observed upwards momentum during the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,574.53
ethereum
Ethereum (ETH) $ 1,219.38
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 313.14
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.403828
dogecoin
Dogecoin (DOGE) $ 0.09489
cardano
Cardano (ADA) $ 0.316625
matic-network
Polygon (MATIC) $ 0.855025
polkadot
Polkadot (DOT) $ 5.38
staked-ether
Lido Staked Ether (STETH) $ 1,196.36
litecoin
Litecoin (LTC) $ 76.43
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.21
dai
Dai (DAI) $ 0.999759
solana
Solana (SOL) $ 14.34
tron
TRON (TRX) $ 0.053507
uniswap
Uniswap (UNI) $ 5.56
leo-token
LEO Token (LEO) $ 4.19
avalanche-2
Avalanche (AVAX) $ 12.93
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,476.66
chainlink
Chainlink (LINK) $ 7.15
cosmos
Cosmos Hub (ATOM) $ 10.19
ethereum-classic
Ethereum Classic (ETC) $ 20.08
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 137.86
stellar
Stellar (XLM) $ 0.089475
bitcoin-cash
Bitcoin Cash (BCH) $ 112.67
quant-network
Quant (QNT) $ 120.77
algorand
Algorand (ALGO) $ 0.245263
crypto-com-chain
Cronos (CRO) $ 0.064961
filecoin
Filecoin (FIL) $ 4.46
vechain
VeChain (VET) $ 0.01904
apecoin
ApeCoin (APE) $ 3.76
near
NEAR Protocol (NEAR) $ 1.62
hedera-hashgraph
Hedera (HBAR) $ 0.049846
flow
Flow (FLOW) $ 1.14
frax
Frax (FRAX) $ 0.998676
internet-computer
Internet Computer (ICP) $ 4.00
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 44.06
eos
EOS (EOS) $ 0.937317
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
huobi-token
Huobi (HT) $ 7.11
theta-token
Theta Network (THETA) $ 0.932558
chiliz
Chiliz (CHZ) $ 0.174128
chain-2
Chain (XCN) $ 0.042886
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.991335
the-sandbox
The Sandbox (SAND) $ 0.575369
aave
Aave (AAVE) $ 62.33
lido-dao
Lido DAO (LDO) $ 1.10
trust-wallet-token
Trust Wallet (TWT) $ 1.95
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 40.17
axie-infinity
Axie Infinity (AXS) $ 6.69
decentraland
Decentraland (MANA) $ 0.403566
usdd
USDD (USDD) $ 0.993239
kucoin-shares
KuCoin (KCS) $ 6.94
bittorrent
BitTorrent (BTT) $ 0.00000068700807
aptos
Aptos (APT) $ 4.72
pancakeswap-token
PancakeSwap (CAKE) $ 4.03
gemini-dollar
Gemini Dollar (GUSD) $ 0.999679
tokenize-xchange
Tokenize Xchange (TKX) $ 7.55
iota
IOTA (MIOTA) $ 0.216468
whitebit
WhiteBIT Token (WBT) $ 4.92
maker
Maker (MKR) $ 652.24
compound-usd-coin
cUSDC (CUSDC) $ 0.022701
ecash
eCash (XEC) $ 0.00003
klay-token
Klaytn (KLAY) $ 0.183601
zcash
Zcash (ZEC) $ 41.80
gatechain-token
Gate (GT) $ 3.66
osmosis
Osmosis (OSMO) $ 1.03
neo
NEO (NEO) $ 6.96
btse-token
BTSE Token (BTSE) $ 3.03
fantom
Fantom (FTM) $ 0.188544
pax-gold
PAX Gold (PAXG) $ 1,753.84
the-graph
The Graph (GRT) $ 0.064106
arweave
Arweave (AR) $ 9.43
curve-dao-token
Curve DAO (CRV) $ 0.706013
dash
Dash (DASH) $ 41.38
cdai
cDAI (CDAI) $ 0.022121
compound-ether
cETH (CETH) $ 24.52
tether-gold
Tether Gold (XAUT) $ 1,720.92
mina-protocol
Mina Protocol (MINA) $ 0.551346
havven
Synthetix Network (SNX) $ 1.68
nexo
NEXO (NEXO) $ 0.719878
binaryx
BinaryX (BNX) $ 148.22
gmx
GMX (GMX) $ 45.09
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.42
thorchain
THORChain (RUNE) $ 1.20
radix
Radix (XRD) $ 0.035959
basic-attention-token
Basic Attention (BAT) $ 0.230535
zilliqa
Zilliqa (ZIL) $ 0.022743
ethereum-name-service
Ethereum Name Service (ENS) $ 13.09
helium
Helium (HNT) $ 2.50
frax-share
Frax Share (FXS) $ 4.62
xdce-crowd-sale
XDC Network (XDC) $ 0.023869
rocket-pool
Rocket Pool (RPL) $ 17.19
casper-network
Casper Network (CSPR) $ 0.030793