{"id":507327,"date":"2022-10-21T19:00:55","date_gmt":"2022-10-21T19:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=507327"},"modified":"2024-06-11T08:00:32","modified_gmt":"2024-06-11T08:00:32","slug":"on-chain-metric-bitcoin-danger-sharp-drawdown","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/on-chain-metric-bitcoin-danger-sharp-drawdown\/","title":{"rendered":"This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown"},"content":{"rendered":"

Historical data of an on-chain indicator could suggest Bitcoin may not be in danger of another sharp crash right now.<\/p>\n

Bitcoin Spot Exchange Depositing Addresses Stay At Very Low Values<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, signs are that another crash similar to Q3 2018 isn’t likely to happen currently.<\/p>\n

The relevant indicator here is the “spot exchange depositing addresses<\/a>,” which is a measure of the total number of Bitcoin wallet addresses that are making send transactions to centralized spot exchanges right now.<\/p>\n

Generally, investors deposit their coins on spot exchanges for selling purposes. Thus, a spike in this metric can be bearish for the price of the crypto as it could be a hint at dumping behavior from a large number of addresses.<\/p>\n

On the other hand, low values imply not many holders are adding to the selling pressure in the market at the moment.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin spot exchange depositing addresses over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been going down in recent months | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the quant has marked the relevant zones of trend for the Bitcoin spot exchange depositing addresses.<\/p>\n
It seems like usually around periods where this indicator has sharply risen up to local tops, the price of BTC has also observed a top and subsequently declined.<\/p>\n
Related Reading:  Will Bitcoin Tank Following The Charles Schwab Indicator? Do BTC Investors Need To Worry?<\/a><\/div>\n
Since the bull run top last year, the spot exchange depositing addresses have been overall winding down, seeing only a couple of peaks in the period.<\/p>\n
Some investors have recently been wondering whether another sharp drawdown is coming for Bitcoin in the near future, just like the one the 2018 bear market<\/a> saw after months of sideways movement similar to now.<\/p>\n
Looking at the chart for the trend during the 2017\/2018 cycle, it’s apparent that the metric declined following the bull run top and then plateaued at low levels as the bear market went on.<\/p>\n
Related Reading:  Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022<\/a><\/div>\n
However, in Q3 2018, the indicator suddenly jumped up. A couple of months or so after this happened, the price observed a crash.<\/p>\n
As during recent weeks there has been no such sharp increase in the indicator, the analyst believes there is no indication that a decline similar to then would take place now.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $18.8k, down 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The value of the crypto seems to have dipped below the $19k level again | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Historical data of an on-chain indicator could suggest Bitcoin may not be in danger of another sharp crash right now. Bitcoin Spot Exchange Depositing Addresses Stay At Very Low Values As pointed out by an analyst in a CryptoQuant post, signs are that another crash similar to Q3 2018 isn’t likely to happen currently. The relevant indicator here is the “spot exchange depositing addresses,” which is a measure of the total number of Bitcoin wallet addresses that are making send transactions to centralized spot exchanges right now. Generally, investors deposit their coins on spot exchanges for selling purposes. Thus, a spike in this metric can be bearish for the price of the crypto as it could be a hint at dumping behavior from a large number of addresses. On the other hand, low values imply not many holders are adding to the selling pressure in the market at the moment. Now, here is a chart that shows the trend in the Bitcoin spot exchange depositing addresses over the last few years: Looks like the value of the metric has been going down in recent months | Source: CryptoQuant As you can see in the above graph, the quant has marked the relevant zones of trend for the Bitcoin spot exchange depositing addresses. It seems like usually around periods where this indicator has sharply risen up to local tops, the price of BTC has also observed a top and subsequently declined. Related Reading: Will Bitcoin Tank Following The Charles Schwab Indicator? Do BTC Investors Need To Worry? Since the bull run top last year, the spot exchange depositing addresses have been overall winding down, seeing only a couple of peaks in the period. Some investors have recently been wondering whether another sharp drawdown is coming for Bitcoin in the near future, just like the one the 2018 bear market saw after months of sideways movement similar to now. Looking at the chart for the trend during the 2017\/2018 cycle, it’s apparent that the metric declined following the bull run top and then plateaued at low levels as the bear market went on. Related Reading: Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022 However, in Q3 2018, the indicator suddenly jumped up. A couple of months or so after this happened, the price observed a crash. As during recent weeks there has been no such sharp increase in the indicator, the analyst believes there is no indication that a decline similar to then would take place now. BTC Price At the time of writing, Bitcoin’s price floats around $18.8k, down 4% in the last week. The value of the crypto seems to have dipped below the $19k level again | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":507356,"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":[428,506,87286,87285,87284,1119,1144],"class_list":["post-507327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-selling-addresses","tag-bitcoin-spot-exchange-depositing-addresses","tag-bitcoin-spot-exchanges","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThis On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown<\/title>\n<meta name=\"description\" content=\"Historical data of an on-chain indicator could suggest Bitcoin may not be in danger of another sharp crash right now. 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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. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown","url":"http:\/\/wncen.com\/news\/on-chain-metric-bitcoin-danger-sharp-drawdown\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/on-chain-metric-bitcoin-danger-sharp-drawdown\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin crash","bitcoin selling addresses","bitcoin spot exchange depositing addresses","bitcoin spot exchanges","btc","btcusd"],"dateCreated":"2022-10-21T19:00:55Z","datePublished":"2022-10-21T19:00:55Z","dateModified":"2024-06-11T08:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/on-chain-metric-bitcoin-danger-sharp-drawdown\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/on-chain-metric-bitcoin-danger-sharp-drawdown\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin crash\",\"bitcoin selling addresses\",\"bitcoin spot exchange depositing addresses\",\"bitcoin spot exchanges\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-10-21T19:00:55Z\",\"datePublished\":\"2022-10-21T19:00:55Z\",\"dateModified\":\"2024-06-11T08:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/507327"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=507327"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/507327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/507356"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=507327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=507327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=507327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}