{"id":541749,"date":"2023-07-07T15:30:23","date_gmt":"2023-07-07T15:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=541749"},"modified":"2024-06-11T08:11:45","modified_gmt":"2024-06-11T08:11:45","slug":"bitcoin-short-term-holders-exchange-inflows-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-short-term-holders-exchange-inflows-price\/","title":{"rendered":"Bitcoin Short-Term Holders Continue Exchange Inflows, But Price Holds On"},"content":{"rendered":"

On-chain data shows that Bitcoin short-term holders have continued to make exchange inflows, but the asset’s price has held on so far.<\/p>\n

Bitcoin Short-Term Holders Make High Deposits For 20 Straight Days<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, the short-term holders have sent 617,000 BTC to exchanges during the past 20 days. The “short-term holders<\/a>” (STHs) here refer to Bitcoin investors who have been holding onto their coins since less than 155 days ago.<\/p>\n

The STHs are generally the less experienced hands of the market, who may easily sell during periods of widespread FUD in the market, or during sharp surges in the cryptocurrency’s price.<\/p>\n

Usually, these investors make use of exchanges for participating in such selloffs, so the data for their “exchange inflows<\/a>” can provide hints about their current behavior.<\/p>\n

The exchange inflow here naturally refers to the total amount of Bitcoin that the STHs are depositing to the wallets of centralized exchanges. When the value of this metric is high, it can be a sign that these holders are selling a large number of coins currently. Naturally, such a trend may have bearish consequences for the asset’s price.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin exchange inflow for these STHs over the past year or so:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric seems to have been relatively high in recent days | Source: Glassnode on Twitter<\/a><\/pre>\n
Here, the Bitcoin STH exchange inflows are represented in terms of the percentage of their supply. As the supply of these investors can change, it makes more sense to consider the percentage of it as it would make comparisons with history easier (the pure figures, on the other hand, may be incompatible).<\/p>\n
From the graph, it’s visible that the Bitcoin STH exchange inflows have been elevated recently. During the last 20 days, these investors’ inflows have measured above 1% of their supply.<\/p>\n
Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold, So What\u2019s The Digital Silver?<\/a><\/div>\n
In this period, the cohort has deposited a total of about 617,000 BTC ($18.6 billion at the current exchange rate) to these platforms, which is quite a significant amount.<\/p>\n
In the chart, Glassnode has also highlighted the previous instances during the last year or so where the indicator crossed the same threshold of 1%. It looks like in terms of the magnitude of the inflow spikes, the three capitulation<\/a> periods that followed the LUNA collapse, 3AC bankruptcy, and FTX crash, respectively, saw larger peaks than the recent levels.<\/p>\n
The duration of the latest period of elevated exchange inflow activity from the Bitcoin STHs, however, has been quite extraordinary, as it has gone on for at least 20 days so far. Whereas the aforementioned capitulation selloffs only lasted for 13 days each.<\/p>\n
Related Reading: Glassnode Co-Founder Predicts Bull Run For Bitcoin Amidst Sideways Trading<\/a><\/div>\n
Nevertheless, despite the high selling pressure from this cohort, It would appear that the price of the cryptocurrency has been holding strong thus far, as it’s still floating above the $30,000 level.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,100, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been stuck in sideways movement recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin short-term holders have continued to make exchange inflows, but the asset’s price has held on so far. Bitcoin Short-Term Holders Make High Deposits For 20 Straight Days According to data from the on-chain analytics firm Glassnode, the short-term holders have sent 617,000 BTC to exchanges during the past 20 days. The “short-term holders” (STHs) here refer to Bitcoin investors who have been holding onto their coins since less than 155 days ago. The STHs are generally the less experienced hands of the market, who may easily sell during periods of widespread FUD in the market, or during sharp surges in the cryptocurrency’s price. Usually, these investors make use of exchanges for participating in such selloffs, so the data for their “exchange inflows” can provide hints about their current behavior. The exchange inflow here naturally refers to the total amount of Bitcoin that the STHs are depositing to the wallets of centralized exchanges. When the value of this metric is high, it can be a sign that these holders are selling a large number of coins currently. Naturally, such a trend may have bearish consequences for the asset’s price. Now, here is a chart that shows the trend in the Bitcoin exchange inflow for these STHs over the past year or so: Looks like the value of the metric seems to have been relatively high in recent days | Source: Glassnode on Twitter Here, the Bitcoin STH exchange inflows are represented in terms of the percentage of their supply. As the supply of these investors can change, it makes more sense to consider the percentage of it as it would make comparisons with history easier (the pure figures, on the other hand, may be incompatible). From the graph, it’s visible that the Bitcoin STH exchange inflows have been elevated recently. During the last 20 days, these investors’ inflows have measured above 1% of their supply. Related Reading: BlackRock CEO Larry Fink Says Bitcoin Is Digital Gold, So What\u2019s The Digital Silver? In this period, the cohort has deposited a total of about 617,000 BTC ($18.6 billion at the current exchange rate) to these platforms, which is quite a significant amount. In the chart, Glassnode has also highlighted the previous instances during the last year or so where the indicator crossed the same threshold of 1%. It looks like in terms of the magnitude of the inflow spikes, the three capitulation periods that followed the LUNA collapse, 3AC bankruptcy, and FTX crash, respectively, saw larger peaks than the recent levels. The duration of the latest period of elevated exchange inflow activity from the Bitcoin STHs, however, has been quite extraordinary, as it has gone on for at least 20 days so far. Whereas the aforementioned capitulation selloffs only lasted for 13 days each. Related Reading: Glassnode Co-Founder Predicts Bull Run For Bitcoin Amidst Sideways Trading Nevertheless, despite the high selling pressure from this cohort, It would appear that the price of the cryptocurrency has been holding strong thus far, as it’s still floating above the $30,000 level. BTC Price At the time of writing, Bitcoin is trading around $30,100, down 2% in the last week. BTC has been stuck in sideways movement recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":541758,"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":[428,85555,84852,1119,1144],"class_list":["post-541749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-inflows","tag-bitcoin-short-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Short-Term Holders Continue Exchange Inflows, But Price Holds On<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin short-term holders have continued to make exchange inflows, but the asset's price has held on so far.\" 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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 Short-Term Holders Continue Exchange Inflows, But Price Holds On","url":"http:\/\/wncen.com\/news\/bitcoin-short-term-holders-exchange-inflows-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-short-term-holders-exchange-inflows-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703"},"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 exchange inflows","bitcoin short-term holders","btc","btcusd"],"dateCreated":"2023-07-07T15:30:23Z","datePublished":"2023-07-07T15:30:23Z","dateModified":"2024-06-11T08:11:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Short-Term Holders Continue Exchange Inflows, But Price Holds On\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-short-term-holders-exchange-inflows-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-short-term-holders-exchange-inflows-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703\"},\"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 exchange inflows\",\"bitcoin short-term holders\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-07-07T15:30:23Z\",\"datePublished\":\"2023-07-07T15:30:23Z\",\"dateModified\":\"2024-06-11T08:11:45Z\"}<\/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\/2023\/07\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541749"}],"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=541749"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541758"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=541749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=541749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=541749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}