{"id":507491,"date":"2022-10-23T19:00:19","date_gmt":"2022-10-23T19:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=507491"},"modified":"2024-06-11T08:00:08","modified_gmt":"2024-06-11T08:00:08","slug":"bitcoin-bearish-signal-dormant-supply-move","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bearish-signal-dormant-supply-move\/","title":{"rendered":"Bitcoin Bearish Signal: Dormant Supply On The Move Again"},"content":{"rendered":"

On-chain data shows some dormant Bitcoin supply is again moving into exchanges, something that could be bearish for the price of the crypto.<\/p>\n

Bitcoin Exchange Inflow For Old Coins Has Observed Spikes In Recent Days<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, some coins in the age ranges 2y-3y and 3y-5y have recently been deposited to exchanges.<\/p>\n

The “exchange inflow<\/a>” is an indicator that measures the total amount of Bitcoin being transferred into the wallets of all centralized exchanges.<\/p>\n

When the value of this metric is high, it means investors are depositing large amounts to exchanges right now. Such a trend, when prolonged, can prove to be bearish for the value of the crypto as it can be a sign of dumping from holders.<\/p>\n

A modified version of this indicator is the exchange inflow “Spent Output Age Bands<\/a>” (SOAB), which tells us about the individual contribution to the total inflows from the different supply groups in the market.<\/p>\n

Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong<\/a><\/div>\n

These cohorts are categorized based on the amount of time their coins have been sitting still for. The relevant age bands here are “2y-3y” and “3y-5y”; the below chart shows the trend in the exchange inflows coming from these supplies:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric for these cohorts has been raised in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin exchange inflow SOAB has spiked up for these coin groups during the last couple of days or so.<\/p>\n
This means that some investors have been depositing sizeable amounts of coins aged between 2 to 3 years and those between 3 to 5 years.<\/p>\n
Related Reading:  This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown<\/a><\/div>\n
Such old supply is called the “long-term holder” supply. In general, the older the coins are, the less probable they are to move at any point.<\/p>\n
So, any movement from these coins, especially those to exchanges, may have noticeable implications on the price of Bitcoin.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days.<\/p>\n
\"Bitcoin<\/p>\n
The value of the crypto seems to have rebounded back from the dip a couple of days ago | Source: BTCUSD on TradingView<\/a><\/pre>\n
Bitcoin has continued to show stale price movement in the past week as the crypto has been mostly sticking around the $19k level. Two days or so ago BTC did make an attempt to break the monotony by plunging below to $18.7k, but it wasn’t long before the coin was back at $19k.<\/p>\n
Featured image from Max Saeling on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows some dormant Bitcoin supply is again moving into exchanges, something that could be bearish for the price of the crypto. Bitcoin Exchange Inflow For Old Coins Has Observed Spikes In Recent Days As pointed out by an analyst in a CryptoQuant post, some coins in the age ranges 2y-3y and 3y-5y have recently been deposited to exchanges. The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred into the wallets of all centralized exchanges. When the value of this metric is high, it means investors are depositing large amounts to exchanges right now. Such a trend, when prolonged, can prove to be bearish for the value of the crypto as it can be a sign of dumping from holders. A modified version of this indicator is the exchange inflow “Spent Output Age Bands” (SOAB), which tells us about the individual contribution to the total inflows from the different supply groups in the market. Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong These cohorts are categorized based on the amount of time their coins have been sitting still for. The relevant age bands here are “2y-3y” and “3y-5y”; the below chart shows the trend in the exchange inflows coming from these supplies: Looks like the value of the metric for these cohorts has been raised in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow SOAB has spiked up for these coin groups during the last couple of days or so. This means that some investors have been depositing sizeable amounts of coins aged between 2 to 3 years and those between 3 to 5 years. Related Reading: This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown Such old supply is called the “long-term holder” supply. In general, the older the coins are, the less probable they are to move at any point. So, any movement from these coins, especially those to exchanges, may have noticeable implications on the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have rebounded back from the dip a couple of days ago | Source: BTCUSD on TradingView Bitcoin has continued to show stale price movement in the past week as the crypto has been mostly sticking around the $19k level. Two days or so ago BTC did make an attempt to break the monotony by plunging below to $18.7k, but it wasn’t long before the coin was back at $19k. Featured image from Max Saeling on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":507503,"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":[428,85841,87301,87302,87303,1119,1144],"class_list":["post-507491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-signal","tag-bitcoin-dormant-supply","tag-bitcoin-exchange-inflow","tag-bitcoin-spent-output-age-bands","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Bearish Signal: Dormant Supply On The Move Again<\/title>\n<meta name=\"description\" content=\"On-chain data shows some dormant Bitcoin supply is again moving into exchanges, something that could be bearish for the price of the crypto. 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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":"Bitcoin Bearish Signal: Dormant Supply On The Move Again","url":"http:\/\/wncen.com\/news\/bitcoin-bearish-signal-dormant-supply-move\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bearish-signal-dormant-supply-move\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/max-saeling-Gsh0w5LzCak-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/max-saeling-Gsh0w5LzCak-unsplash-scaled.jpg?fit=2560%2C1679"},"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 bearish signal","bitcoin dormant supply","bitcoin exchange inflow","bitcoin spent output age bands","btc","btcusd"],"dateCreated":"2022-10-23T19:00:19Z","datePublished":"2022-10-23T19:00:19Z","dateModified":"2024-06-11T08:00:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bearish Signal: Dormant Supply On The Move Again\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-signal-dormant-supply-move\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-signal-dormant-supply-move\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/max-saeling-Gsh0w5LzCak-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/max-saeling-Gsh0w5LzCak-unsplash-scaled.jpg?fit=2560%2C1679\"},\"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 bearish signal\",\"bitcoin dormant supply\",\"bitcoin exchange inflow\",\"bitcoin spent output age bands\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-10-23T19:00:19Z\",\"datePublished\":\"2022-10-23T19:00:19Z\",\"dateModified\":\"2024-06-11T08:00:08Z\"}<\/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\/max-saeling-Gsh0w5LzCak-unsplash-scaled.jpg?fit=2560%2C1679","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/507491"}],"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=507491"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/507491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/507503"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=507491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=507491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=507491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}