{"id":627800,"date":"2024-07-04T21:00:42","date_gmt":"2024-07-04T21:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=627800"},"modified":"2024-07-04T16:33:26","modified_gmt":"2024-07-04T16:33:26","slug":"bitcoin-plunge-58000-on-chain-data-says-this","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-plunge-58000-on-chain-data-says-this\/","title":{"rendered":"Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This"},"content":{"rendered":"

Bitcoin has observed a crash below the $58,000 level today. Here’s what could be a potential cause for it, according to on-chain data.<\/p>\n

Bitcoin Long-Term Holders Have Just Taken Large Profits<\/h2>\n

As pointed out by an analyst in a CryptoQuant Quicktake post<\/a>, the Bitcoin long-term holders harvested a large amount of profits during the latest price drawdown.<\/p>\n

Related Reading: These Are The Altcoins In Buy Zone, Analytics Firm Reveals<\/a><\/div>\n

The on-chain metric of interest here is the “Spent Output Profit Ratio<\/a>” (SOPR), which basically tells about whether the BTC investors are selling\/transferring their coins at a profit or loss. When the value of this indicator is greater than 1, it means the holders as a whole are realizing a net profit with their selling right now. On the other hand, the metric being under this threshold implies the dominance of loss-taking in the market.<\/p>\n

In the context of the current topic, the SOPR of a specific segment of the user base is of interest: the long-term holders (LTHs)<\/a>. This cohort includes the investors who have been holding onto their coins since more than 155 days ago. The LTHs are considered to be the resolute side of the market, as they rarely sell regardless of whatever may be going on in the wider market. As such, the times that they do sell can be all the more noteworthy.<\/p>\n

It would appear that the recent Bitcoin market conditions have managed to break even these diamond hands, as the below chart for their SOPR suggests.<\/p>\n

\"Bitcoin
The value of the metric appears to have registered large positive spikes recently | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

As is visible in the above graph, the Bitcoin LTH SOPR has seen a high density of spikes above the 1 mark during the past day. This would suggest that these HODLers have moved some coins that were previously carrying significant profits.<\/p>\n

More particularly, the indicator hit a value of more than 10 during a lot of these spikes, implying that this group realized profits equal to over ten times the losses during those transactions.<\/p>\n

As the LTH SOPR spikes came just before BTC’s descent towards the levels under $58,000<\/a>, it would seem possible that this profit-taking push from these normally-resolute investors was at least in part behind the crash.<\/p>\n

Another indicator, the Bitcoin Spent Output Age Bands (SOAB), has revealed the breakdown of these LTH transactions.<\/p>\n

\"Bitcoin
The movements of the various LTH segments during the past couple of days | Source: CryptoQuant<\/a><\/figcaption><\/figure>\n

From the chart, it’s apparent that the most active LTH segment during this selloff was the 5-year to 7-year group, meaning that most of the coins sold were previously dormant between 5 and 7 years ago.<\/p>\n

Related Reading: Crypto Analyst Says Next Bitcoin Target Is $78,700 If BTC Breaks This Resistance<\/a><\/div>\n

It’s hard to say why these old entities have suddenly decided to sell after sitting out a whole cycle, but if this is the start of a selling spree from them, then things might get even worse for Bitcoin.<\/p>\n

BTC Price<\/h2>\n

Bitcoin had very briefly slipped under the $57,000 level during the latest crash, but the asset appears to have made some recovery since then, as it’s back at $57,700.<\/p>\n

\"Bitcoin
Looks like the price of the coin has seen a plunge during the past day | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has observed a crash below the $58,000 level today. Here’s what could be a potential cause for it, according to on-chain data. Bitcoin Long-Term Holders Have Just Taken Large Profits As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin long-term holders harvested a large amount of profits during the latest price drawdown. Related Reading: These Are The Altcoins In Buy Zone, Analytics Firm Reveals The on-chain metric of interest here is the “Spent Output Profit Ratio” (SOPR), which basically tells about whether the BTC investors are selling\/transferring their coins at a profit or loss. When the value of this indicator is greater than 1, it means the holders as a whole are realizing a net profit with their selling right now. On the other hand, the metric being under this threshold implies the dominance of loss-taking in the market. In the context of the current topic, the SOPR of a specific segment of the user base is of interest: the long-term holders (LTHs). This cohort includes the investors who have been holding onto their coins since more than 155 days ago. The LTHs are considered to be the resolute side of the market, as they rarely sell regardless of whatever may be going on in the wider market. As such, the times that they do sell can be all the more noteworthy. It would appear that the recent Bitcoin market conditions have managed to break even these diamond hands, as the below chart for their SOPR suggests. As is visible in the above graph, the Bitcoin LTH SOPR has seen a high density of spikes above the 1 mark during the past day. This would suggest that these HODLers have moved some coins that were previously carrying significant profits. More particularly, the indicator hit a value of more than 10 during a lot of these spikes, implying that this group realized profits equal to over ten times the losses during those transactions. As the LTH SOPR spikes came just before BTC’s descent towards the levels under $58,000, it would seem possible that this profit-taking push from these normally-resolute investors was at least in part behind the crash. Another indicator, the Bitcoin Spent Output Age Bands (SOAB), has revealed the breakdown of these LTH transactions. From the chart, it’s apparent that the most active LTH segment during this selloff was the 5-year to 7-year group, meaning that most of the coins sold were previously dormant between 5 and 7 years ago. Related Reading: Crypto Analyst Says Next Bitcoin Target Is $78,700 If BTC Breaks This Resistance It’s hard to say why these old entities have suddenly decided to sell after sitting out a whole cycle, but if this is the start of a selling spree from them, then things might get even worse for Bitcoin. BTC Price Bitcoin had very briefly slipped under the $57,000 level during the latest crash, but the asset appears to have made some recovery since then, as it’s back at $57,700. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":627847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,506,84666,87335,87457,87375,1119,1144],"class_list":["post-627800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-long-term-holders","tag-bitcoin-on-chain-data","tag-bitcoin-plunge","tag-bitcoin-selling","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWhy Did Bitcoin Plunge Under $58,000? On-Chain Data Says This<\/title>\n<meta name=\"description\" content=\"Bitcoin has observed a crash below the $58,000 level today. 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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":"Why Did Bitcoin Plunge Under $58,000? 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