{"id":514022,"date":"2022-12-28T14:00:05","date_gmt":"2022-12-28T19:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=514022"},"modified":"2024-06-11T14:33:27","modified_gmt":"2024-06-11T14:33:27","slug":"bitcoin-most-challenging-cycle-metric","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-most-challenging-cycle-metric\/","title":{"rendered":"Bitcoin Might Be Going Through Its “Most Challenging” Cycle Based On This Metric"},"content":{"rendered":"

The current Bitcoin cycle might be its “most challenging” one yet if the drawdown in this on-chain metric is anything to go by.<\/p>\n

Total Amount Held By 1k-10k BTC Value Band Has Sharply Gone Down Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the latest drawdown in the holdings of the 1k-10k BTC value band is the most drastic in the history of the crypto. The relevant indicator here is the “UTXO Value Bands,” which tells us the total amount of coins each value band is holding in the market.<\/p>\n

UTXOs are divided into these “value bands” or groups based on their current value. For instance, the 100-1k BTC value band includes all UTXOs carrying between 100 and 1,000 coins. Here, the relevant UTXO value band is the 1k-10k BTC range, a historically important cohort as usually only the whales<\/a> have wallets with UTXO amounts so large.<\/p>\n

Now, the below chart displays the trend in the total holdings of this value band over the last five years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has rapidly declined in recent months | Source: CryptoQuant<\/a><\/pre>\n
The graph shows that the total number of coins held by this Bitcoin UTXO value band has seen a sharp drop this year. In all, the drawdown has amounted to 453,205.04 BTC being dumped by this cohort since the peak observed in June 2022.<\/p>\n
Related Reading: Bitcoin Miner Selling Power Plunges, Green Signal For Price?<\/a><\/div>\n
For comparison, in the 2018\/19 bear market, the 1k-10k BTC value band saw a total drawdown of 324,868.65 BTC from the high. During the COVID black swan crash of 2020<\/a>, the group also distributed a significant amount, shedding 186,928.48 from its holdings.<\/p>\n
And in the bull run during the first half of last year, these whales reduced their holdings by 407,457.14 BTC between the peak in February and the July bottom. The latest drawdown in the metric’s value is the sharpest that Bitcoin has seen yet. Because of this fact, the quant exclaims the current cycle to be the “most challenging” one in the history of the asset so far.<\/p>\n
Related Reading: Analyst Explains Why Ethereum Is Bullish Against Bitcoin<\/a><\/div>\n
An interesting pattern can also be seen in the chart; whenever the 1k-10k BTC has finished with the distribution and started accumulating again, Bitcoin has felt a bullish impact. “Generally, the market can only recover when this cohort has enough confidence to accumulate again,” explains the analyst. “And at the moment, we still not get any positive signals from this cohort.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $16,600, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to have gone down during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The current Bitcoin cycle might be its “most challenging” one yet if the drawdown in this on-chain metric is anything to go by. Total Amount Held By 1k-10k BTC Value Band Has Sharply Gone Down Recently As pointed out by an analyst in a CryptoQuant post, the latest drawdown in the holdings of the 1k-10k BTC value band is the most drastic in the history of the crypto. The relevant indicator here is the “UTXO Value Bands,” which tells us the total amount of coins each value band is holding in the market. UTXOs are divided into these “value bands” or groups based on their current value. For instance, the 100-1k BTC value band includes all UTXOs carrying between 100 and 1,000 coins. Here, the relevant UTXO value band is the 1k-10k BTC range, a historically important cohort as usually only the whales have wallets with UTXO amounts so large. Now, the below chart displays the trend in the total holdings of this value band over the last five years: Looks like the value of the metric has rapidly declined in recent months | Source: CryptoQuant The graph shows that the total number of coins held by this Bitcoin UTXO value band has seen a sharp drop this year. In all, the drawdown has amounted to 453,205.04 BTC being dumped by this cohort since the peak observed in June 2022. Related Reading: Bitcoin Miner Selling Power Plunges, Green Signal For Price? For comparison, in the 2018\/19 bear market, the 1k-10k BTC value band saw a total drawdown of 324,868.65 BTC from the high. During the COVID black swan crash of 2020, the group also distributed a significant amount, shedding 186,928.48 from its holdings. And in the bull run during the first half of last year, these whales reduced their holdings by 407,457.14 BTC between the peak in February and the July bottom. The latest drawdown in the metric’s value is the sharpest that Bitcoin has seen yet. Because of this fact, the quant exclaims the current cycle to be the “most challenging” one in the history of the asset so far. Related Reading: Analyst Explains Why Ethereum Is Bullish Against Bitcoin An interesting pattern can also be seen in the chart; whenever the 1k-10k BTC has finished with the distribution and started accumulating again, Bitcoin has felt a bullish impact. “Generally, the market can only recover when this cohort has enough confidence to accumulate again,” explains the analyst. “And at the moment, we still not get any positive signals from this cohort.” BTC Price At the time of writing, Bitcoin’s price floats around $16,600, down 1% in the last week. BTC seems to have gone down during the past day | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":514034,"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":[428,86606,87470,19064,1119,1144],"class_list":["post-514022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cycle","tag-bitcoin-whale-holdings","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Might Be Going Through Its "Most Challenging" Cycle Based On This Metric<\/title>\n<meta name=\"description\" content=\"The current Bitcoin cycle might be its "most challenging" one yet if the drawdown in this on-chain metric is anything to go by. 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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 Might Be Going Through Its “Most Challenging” Cycle Based On This Metric","url":"http:\/\/wncen.com\/news\/bitcoin-most-challenging-cycle-metric\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-most-challenging-cycle-metric\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/mana5280-rGPDLlMNFF4-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/mana5280-rGPDLlMNFF4-unsplash-2-scaled.jpg?fit=2560%2C1900"},"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 cycle","bitcoin whale holdings","bitcoin whales","btc","btcusd"],"dateCreated":"2022-12-28T19:00:05Z","datePublished":"2022-12-28T19:00:05Z","dateModified":"2024-06-11T14:33:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Might Be Going Through Its “Most Challenging” Cycle Based On This Metric\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-most-challenging-cycle-metric\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-most-challenging-cycle-metric\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/mana5280-rGPDLlMNFF4-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/mana5280-rGPDLlMNFF4-unsplash-2-scaled.jpg?fit=2560%2C1900\"},\"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 cycle\",\"bitcoin whale holdings\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-12-28T19:00:05Z\",\"datePublished\":\"2022-12-28T19:00:05Z\",\"dateModified\":\"2024-06-11T14:33:27Z\"}<\/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\/12\/mana5280-rGPDLlMNFF4-unsplash-2-scaled.jpg?fit=2560%2C1900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514022"}],"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=514022"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514034"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=514022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=514022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=514022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}