{"id":490125,"date":"2022-05-10T19:00:37","date_gmt":"2022-05-10T19:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=490125"},"modified":"2024-06-11T14:19:45","modified_gmt":"2024-06-11T14:19:45","slug":"bitcoin-long-term-holders-capitulating-amid-panic","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-long-term-holders-capitulating-amid-panic\/","title":{"rendered":"Bitcoin Long-Term Holders Start Capitulating Amid Panic"},"content":{"rendered":"<p>On-chain data suggests Bitcoin long-term holders have started to capitulate recently as the sharp price drop causes panic in the market.<\/p>\n<h2>Bitcoin CDD Inflow Indicator Jumps Up, Showing Long-Term Holders Have Been Selling<\/h2>\n<p>As pointed out by a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/6279192eb1fa080e15ebbe28\" rel=\"nofollow\">post<\/a>, the recent price drop has pushed long-term holders towards selling their BTC.<\/p>\n<p>&#8220;Coin days&#8221; are the number of days a Bitcoin has remained dormant for. An example: if 1 BTC doesn&#8217;t move for 5 days, it accumulates 5 coin days.<\/p>\n<p>When such a coin would be transferred or moved, its coin days would be &#8220;destroyed&#8221; as the number will reset back to zero.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-slips-below-33k-inflows-highest-july-2021\/\">Bitcoin Slips Below $33k As Exchange Inflows Reach Highest Value Since July 2021<\/a><\/em><\/strong><\/p>\n<p>The &#8220;coin days destroyed&#8221; (CDD) metric naturally measures how many of these coin days are being destroyed in the entire market at any given time.<\/p>\n<p>A modification of this indicator, called the &#8220;Bitcoin <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-exchange-inflows-hit-three-month-high-as-market-braces-for-more-downside\/\">exchange inflow<\/a> CDD,&#8221; tells us about only those coin days that were destroyed by a transfer to exchanges.<\/p>\n<p>A high value of the inflow CDD generally suggests that <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-long-term-holder-supply-october-high\/\">long-term holders<\/a> (who accumulate a large number of coin days) are moving their coins to exchanges.<\/p>\n<p>Investors usually transfer their Bitcoin to exchanges for selling purposes, so LTHs transferring a large number of their coins can be bearish for the price of the crypto.<\/p>\n<p>Now, here is a chart that shows the trend in the BTC inflow CDD over the past month:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/97365\/quicktake\/88YpvSw_ff554512830ecece4bff81c23fff6f71536910514b10c684a66323471a7958b6.png?resize=1280%2C806&#038;ssl=1\" alt=\"Bitcoin Exchange Inflow: Coin Days Destroyed\" width=\"1280\" height=\"806\"><\/p>\n<pre style=\"text-align: center\">The value of the indicator seems to have spiked up recently | Source: <a href=\"https:\/\/cryptoquant.com\/quicktake\/6279192eb1fa080e15ebbe28\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>As you can see in the above graph, the Bitcoin exchange inflow CDD has observed some high values over the last few days.<\/p>\n<p>This shows that long-term holders have been selling amid the recent panic in the market due to the price drop from $38k to below $30k.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/terra-beats-tesla-as-second-largest-corporate-bitcoin-holder-after-1-5b-purchase\/\">Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase<\/a><\/em><\/strong><\/p>\n<p>The especially large spikes in the last two days suggest LTHs may have started to go through a phase of capitulation.<\/p>\n<p>Since LTHs usually make up the Bitcoin cohort that is the least likely to sell, capitulation from them is a negative sign for the price of the coin.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/news\/bitcoin-price-crashes-below-30k\/\">Bitcoin&#8217;s price<\/a> floats around $31.6k, down 18% in the last seven days. Over the past month, the crypto has lost 26% in value.<\/p>\n<p>The below chart shows the trend in the price of the coin over the last five days.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-490135 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/chart-7.png?resize=460%2C241\" alt=\"Bitcoin Price Chart\" width=\"460\" height=\"241\"><\/p>\n<pre style=\"text-align: center\">Looks like the price of BTC has observed a plunge in the past few days | Source:<a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\"> BTCUSD on TradingView<\/a><\/pre>\n<p>Bitcoin&#8217;s drop has continued today as the crypto briefly touched below $30k for the first time since July of last year, before rebounding back to the current level.<\/p>\n<pre>Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data suggests Bitcoin long-term holders have started to capitulate recently as the sharp price drop causes panic in the market. Bitcoin CDD Inflow Indicator Jumps Up, Showing Long-Term Holders Have Been Selling As pointed out by a CryptoQuant post, the recent price drop has pushed long-term holders towards selling their BTC. &#8220;Coin days&#8221; are the number of days a Bitcoin has remained dormant for. An example: if 1 BTC doesn&#8217;t move for 5 days, it accumulates 5 coin days. When such a coin would be transferred or moved, its coin days would be &#8220;destroyed&#8221; as the number will reset back to zero. Related Reading |\u00a0Bitcoin Slips Below $33k As Exchange Inflows Reach Highest Value Since July 2021 The &#8220;coin days destroyed&#8221; (CDD) metric naturally measures how many of these coin days are being destroyed in the entire market at any given time. A modification of this indicator, called the &#8220;Bitcoin exchange inflow CDD,&#8221; tells us about only those coin days that were destroyed by a transfer to exchanges. A high value of the inflow CDD generally suggests that long-term holders (who accumulate a large number of coin days) are moving their coins to exchanges. Investors usually transfer their Bitcoin to exchanges for selling purposes, so LTHs transferring a large number of their coins can be bearish for the price of the crypto. Now, here is a chart that shows the trend in the BTC inflow CDD over the past month: The value of the indicator seems to have spiked up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow CDD has observed some high values over the last few days. This shows that long-term holders have been selling amid the recent panic in the market due to the price drop from $38k to below $30k. Related Reading |\u00a0Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase The especially large spikes in the last two days suggest LTHs may have started to go through a phase of capitulation. Since LTHs usually make up the Bitcoin cohort that is the least likely to sell, capitulation from them is a negative sign for the price of the coin. BTC Price At the time of writing, Bitcoin&#8217;s price floats around $31.6k, down 18% in the last seven days. Over the past month, the crypto has lost 26% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of BTC has observed a plunge in the past few days | Source: BTCUSD on TradingView Bitcoin&#8217;s drop has continued today as the crypto briefly touched below $30k for the first time since July of last year, before rebounding back to the current level. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":490137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83676,84666,1119,1144],"class_list":["post-490125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-capitulation","tag-bitcoin-long-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Long-Term Holders Start Capitulating Amid Panic<\/title>\n<meta name=\"description\" content=\"On-chain data suggests Bitcoin long-term holders have started to capitulate recently as the sharp price drop causes panic in the market. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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