{"id":501097,"date":"2022-09-05T19:00:50","date_gmt":"2022-09-05T19:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=501097"},"modified":"2024-06-11T11:55:02","modified_gmt":"2024-06-11T11:55:02","slug":"old-bitcoin-supply-moves-derivatives-whales-long","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/old-bitcoin-supply-moves-derivatives-whales-long\/","title":{"rendered":"Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?"},"content":{"rendered":"

On-chain data shows Bitcoin supply older than two years has moved into derivative exchanges recently, suggesting whales may be positioning themselves on the futures market.<\/p>\n

Derivative Exchange Inflow Of Bitcoin Supply Older Than 2 Years Has Spiked Up<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the recent short-dominant open interest has gone down while some old coins have just been shifted into exchanges.<\/p>\n

The relevant indicator here is the “derivative exchange inflow<\/a>,” which measures the total amount of Bitcoin moving into wallets of all derivative exchanges.<\/p>\n

A modified version of this metric, the “inflow spent output age bands,” tells us what the individual contribution has been from the various holder age groups to the total inflows.<\/p>\n

The investor cohorts of interest here are those who have been holding onto their coins since at least 2 years without having sold or moved them (before now).<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has spiked up over the past day | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin derivative exchange inflow from the 2 years+ old investor group has spiked up recently.<\/p>\n
This shows that these BTC hodlers are moving significant amounts to exchanges for setting up positions in the derivatives market.<\/p>\n
Related Reading:  How To Become A Millionaire? Invest In Uniglo (GLO), Bitcoin (BTC) And Polygon (MATIC)<\/a><\/em><\/strong><\/div>\n
It’s unclear whether this transfer is with the intent of opening long positions, or if it’s for hedging spot positions using shorts.<\/p>\n
However, the trend in another indicator, the open interest<\/a>, may hold hints about the destination of these inflows. This metric measures the total amount of positions currently open on derivative exchanges.<\/p>\n
Recently, the funding rates were slightly negative, implying that the open interest was short-dominant. But as the below chart highlights, this indicator’s value has gone down during the past day.<\/p>\n
\"Bitcoin<\/p>\n
The value of the indicator seems to have slumped down after rising during the last few days | Source: CryptoQuant<\/a><\/pre>\n
The value of the Bitcoin open interest declining can suggest some of the short positions have now been closed down.<\/p>\n
Related Reading:  Bitcoin Price May Rally If Buyers Jump Above This Hurdle<\/a><\/em><\/strong><\/div>\n
It now remains to be seen whether the market shifts towards a long-dominant environment or not in the coming days as exchanges receive fresh large inflows like the most recent one.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $19.7k, down 2% in the last seven days. Over the past month, the crypto has lost 12% in value.<\/p>\n
Below is a chart that shows the trend in the price of the coin over the last five days.<\/p>\n
\"Bitcoin<\/p>\n
The value of BTC hasn't showed much movement during the last few days | 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":"
On-chain data shows Bitcoin supply older than two years has moved into derivative exchanges recently, suggesting whales may be positioning themselves on the futures market. Derivative Exchange Inflow Of Bitcoin Supply Older Than 2 Years Has Spiked Up As pointed out by an analyst in a CryptoQuant post, the recent short-dominant open interest has gone down while some old coins have just been shifted into exchanges. The relevant indicator here is the “derivative exchange inflow,” which measures the total amount of Bitcoin moving into wallets of all derivative exchanges. A modified version of this metric, the “inflow spent output age bands,” tells us what the individual contribution has been from the various holder age groups to the total inflows. The investor cohorts of interest here are those who have been holding onto their coins since at least 2 years without having sold or moved them (before now). Looks like the value of the metric has spiked up over the past day | Source: CryptoQuant As you can see in the above graph, the Bitcoin derivative exchange inflow from the 2 years+ old investor group has spiked up recently. This shows that these BTC hodlers are moving significant amounts to exchanges for setting up positions in the derivatives market. Related Reading: How To Become A Millionaire? Invest In Uniglo (GLO), Bitcoin (BTC) And Polygon (MATIC) It’s unclear whether this transfer is with the intent of opening long positions, or if it’s for hedging spot positions using shorts. However, the trend in another indicator, the open interest, may hold hints about the destination of these inflows. This metric measures the total amount of positions currently open on derivative exchanges. Recently, the funding rates were slightly negative, implying that the open interest was short-dominant. But as the below chart highlights, this indicator’s value has gone down during the past day. The value of the indicator seems to have slumped down after rising during the last few days | Source: CryptoQuant The value of the Bitcoin open interest declining can suggest some of the short positions have now been closed down. Related Reading: Bitcoin Price May Rally If Buyers Jump Above This Hurdle It now remains to be seen whether the market shifts towards a long-dominant environment or not in the coming days as exchanges receive fresh large inflows like the most recent one. BTC Price At the time of writing, Bitcoin’s price floats around $19.7k, down 2% in the last seven days. Over the past month, the crypto has lost 12% in value. Below is a chart that shows the trend in the price of the coin over the last five days. The value of BTC hasn’t showed much movement during the last few days | 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":501114,"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":[428,86771,86770,84667,19064,1119,1144],"class_list":["post-501097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-positions","tag-bitcoin-long-term-holder-supply","tag-bitcoin-open-interest","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nOld Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin 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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":"Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?","url":"http:\/\/wncen.com\/news\/old-bitcoin-supply-moves-derivatives-whales-long\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/old-bitcoin-supply-moves-derivatives-whales-long\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/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 long positions","bitcoin long-term holder supply","bitcoin open interest","bitcoin whales","btc","btcusd"],"dateCreated":"2022-09-05T19:00:50Z","datePublished":"2022-09-05T19:00:50Z","dateModified":"2024-06-11T11:55:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/old-bitcoin-supply-moves-derivatives-whales-long\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/old-bitcoin-supply-moves-derivatives-whales-long\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/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 long positions\",\"bitcoin long-term holder supply\",\"bitcoin open interest\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-09-05T19:00:50Z\",\"datePublished\":\"2022-09-05T19:00:50Z\",\"dateModified\":\"2024-06-11T11:55:02Z\"}<\/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\/09\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/501097","targetHints":{"allow":["GET"]}}],"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=501097"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/501097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/501114"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=501097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=501097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=501097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}