Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin long-term holders have potentially been selling recently, something that may explain BTC’s continued bearish momentum. Bitcoin Exchange Inflow CDD Has Registered Huge Spikes Recently As an analyst in a CryptoQuant Quicktake post explained, old cryptocurrency tokens have recently been deposited in large quantities in centralized exchanges. The on-chain metric of interest here is the “Exchange Inflow Coin Days Destroyed (CDD).” A “coin day” refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for 1 day. Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report When a coin that had been sitting still inside a wallet is finally moved, its coin days counter naturally resets back to zero, and the coin days it had been carrying before the move are said to be “destroyed.” The CDD keeps track of the total amount of coin days being reset in this manner across the network. In the context of the current topic, though, the general CDD isn’t the one of focus, but rather the Exchange Inflow CDD, which only keeps track of the coin days being destroyed through transactions into wallets connected to exchanges. Now, here is a chart that shows the trend in the Bitcoin Exchange Inflow CDD over the past month or so: As is visible in the above graph, the Bitcoin Exchange Inflow CDD has registered some spikes of considerable scale this month. This would imply that many dormant coins have recently seen deposits into exchanges. Generally, spikes in the CDD correlate to movement from the long-term holders (LTHs), as these HODLers tend to accumulate large amounts of coin days. Therefore, the recent spikes in the Exchange Inflow CDD suggest that these diamond hands have been transferred to exchanges. Holders make transactions into exchanges when they want to use one of the services these platforms provide, which can include selling. The chart shows that the spikes earlier in the month had come when Bitcoin had plunged towards its lows, implying that the selling pressure from this cohort may have played a role in the crash. The latest spike, larger in scale than the others, has come while BTC has been trying to start a recovery rally from these recent lows. So far, BTC has had no luck, suggesting that the selling from the LTHs has potentially been holding the coin back. Related Reading: Chainlink Traders Capitulate After 10% Plunge: Bottom Here? It remains to be seen how the Exchange Inflow CDD behaves in the coming days and if any potential further spikes would impede Bitcoin in its path to recovery. BTC Price At the time of writing, Bitcoin is trading at around $57,900, up more than 4% over the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":629543,"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":[428,86992,86710,84666,16924,87375,86007,1119,1144],"class_list":["post-629510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-cdd","tag-bitcoin-hodlers","tag-bitcoin-long-term-holders","tag-bitcoin-recovery","tag-bitcoin-selling","tag-bitcoin-selling-pressure","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n
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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 Recovery Stalls As HODLers Apply Selling Pressure","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-recovery-stalls-hodlers-selling-pressure\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-recovery-stalls-hodlers-selling-pressure\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/btc_f4a4b7.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/btc_f4a4b7.png?fit=1792%2C1024"},"articleSection":"Bitcoin 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 cdd","bitcoin hodlers","bitcoin long-term holders","bitcoin recovery","bitcoin selling","bitcoin selling pressure","btc","btcusd"],"dateCreated":"2024-07-12T22:00:38Z","datePublished":"2024-07-12T22:00:38Z","dateModified":"2024-07-12T22:00:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovery Stalls As HODLers Apply Selling Pressure\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-recovery-stalls-hodlers-selling-pressure\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-recovery-stalls-hodlers-selling-pressure\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc_f4a4b7.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc_f4a4b7.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin 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 cdd\",\"bitcoin hodlers\",\"bitcoin long-term holders\",\"bitcoin recovery\",\"bitcoin selling\",\"bitcoin selling pressure\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-07-12T22:00:38Z\",\"datePublished\":\"2024-07-12T22:00:38Z\",\"dateModified\":\"2024-07-12T22:00:38Z\"}<\/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\/2024\/07\/btc_f4a4b7.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/629510","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=629510"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/629510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/629543"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=629510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=629510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=629510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/i0.wp.com\/img.cryptoquant.com\/213990\/quicktake\/E2QRw7WFu_52c0facafb779b8e2f25b0f966f586aefc50ba7d20c227ccf7ed147b39502c9d.png?resize=1280%2C720&ssl=1\")