• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, September 26, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Bitcoin Bearish Signal: 7yr-10yr Old Coins Display Movement

August 28, 2022
in Bitcoin
Reading Time: 3 mins read
A A
Bitcoin Bearish Signal: 7yr-10yr Old Coins Display Movement
ShareShareShareShareShare

Related articles

Rodarmor Returns: Announces "Runes Protocol" To Compete With BRC-20

Rodarmor Returns: Announces "Runes Protocol" To Compete With BRC-20

September 26, 2023
XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade?

XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade?

September 26, 2023

On-chain data shows around 5k BTC that was sitting dormant since between 7 years to 10 years ago has just been moved, a sign that may be bearish for Bitcoin.

Bitcoin Spent Output Age Bands Show Movement Of 7yr-10yr Old Coins

As pointed out by an analyst in a CryptoQuant post, whenever such aged coins have moved before in this year, BTC has seen generally bearish trend.

The relevant indicator here is the “spent output age bands,” which tells us about the selling behavior of the different coin age holder groups in the Bitcoin market.

The metric works by checking through the chain history of each coin being sold to see when it was last moved before this. Based on this time period that the coin had remained dormant for, the indicator puts the coin into a group, and it being spent counts as a spike for that particular group.

The coin age group at hand here is the 7 years to 10 years old cohort, which includes all coins that were held stationary for time in this range, before being moved.

Now, here is a chart that shows the trend in the Bitcoin spent outputs for this specific age band during the last few months:

Looks like the metric has registered a spike recently | Source: CryptoQuant

As you can see in the above graph, the spent outputs of the 7 years to 10 years Bitcoin age group has observed some significant spikes in the last few months.

The first of these came in March, and coincided with the crypto setting a local top with the price declining shortly after.

Then the next one came after the coin’s value had already sharply fallen off in May. The price proceeded to move sideways afterwards, until it eventually saw another large drop.

There was also a small rise in the indicator last month, where the price again set a local top as it went down (before moving back up once more, however).

Today, the spent outputs of coins aged 7 years to 10 years old have again shown movement, with the spike amounting to a large 5k BTC.

Since the price of Bitcoin has just recently declined, it’s possible that this latest rise in the metric could follow the same trend as of the spike in May.

But the quant in the post notes that this time the transaction hasn’t been sent to exchanges (which investors usually use for selling), so it’s hard to say exactly what impact this may have on the crypto’s value. Nonetheless, the outcome from this is likely to not be bullish.

BTC Price

At the time of writing, Bitcoin’s price floats around $20k, down 6% in the past week.

Bitcoin Price Chart

The value of the crypto has plunged down | Source: BTCUSD on TradingView
Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Credit: Source link

ShareTweetSendPinShare
Previous Post

Ethereum Funding Rates Drop To 14-Month Low, Short Squeeze In The Making?

Next Post

Bitcoin And Cardano Price To Rise Before Heading Lower Levels

Related Posts

Rodarmor Returns: Announces "Runes Protocol" To Compete With BRC-20

Rodarmor Returns: Announces "Runes Protocol" To Compete With BRC-20

September 26, 2023

Casey Rodarmor, the mad genius creator behind Bitcoin Ordinals, has largely avoided the spotlight since March. A month and a...

XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade?

XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade?

September 26, 2023

The company behind the XRP Ledger crypto wallet, Xumm, unveiled its plans to launch an “Infrastructure Overhaul” for the network....

hackers from country with no internet threaten defi

hackers from country with no internet threaten defi

September 26, 2023

While not much is known about the Lazarus Group, researchers have attributed numerous cyber attacks to them over the past...

CZ To Help HTX Track Stolen Funds, Appoints Binance Security Team to Investigate

CZ To Help HTX Track Stolen Funds, Appoints Binance Security Team to Investigate

September 26, 2023

HTX, formerly Huobi Global, was exploited recently for almost $8 million. Following the incident, Binance CEO Changpeng Zhao (CZ) has...

Bitcoin Asset Management to Grow to $650 Billion Industry: Alliance Bernstein

Bitcoin Asset Management to Grow to $650 Billion Industry: Alliance Bernstein

September 26, 2023

Alliance Bernstein (AB), a prominent $646 billion asset manager, has predicted that the Bitcoin and crypto fund management industry is...

Load More
Next Post
Bitcoin And Cardano Price To Rise Before Heading Lower Levels

Bitcoin And Cardano Price To Rise Before Heading Lower Levels

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

AI should not be regulated – Brian Armstrong – Cryptopolitan – Cryptopolitan

AI should not be regulated – Brian Armstrong – Cryptopolitan – Cryptopolitan

September 23, 2023
Nasdaq executive says BlackRock’s first Bitcoin ETF rejection was ‘purely procedural,’ not final

Nasdaq executive says BlackRock’s first Bitcoin ETF rejection was ‘purely procedural,’ not final

September 14, 2023
Crypto investor 3LAU parts ways with Friend.tech over regulatory … – Cryptopolitan

Crypto investor 3LAU parts ways with Friend.tech over regulatory … – Cryptopolitan

September 16, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Rodarmor Returns: Announces "Runes Protocol" To Compete With BRC-20
  • Cryptocurrency And The Newly Proposed Tax Rules On Digital Assets – Forbes
  • Here’s How Shiba Budz (BUDZ) Stands Out From Other Meme Tokens, Can Dogecoin (DOGE) and Pepe (PEPE) Compete

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,248.00-0.56%
  • ethereumEthereum(ETH)$1,589.45-0.39%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.05%
  • binancecoinBNB(BNB)$212.040.81%
  • rippleXRP(XRP)$0.50-0.38%
  • usd-coinUSDC(USDC)$1.00-0.15%
  • staked-etherLido Staked Ether(STETH)$1,588.61-0.47%
  • cardanoCardano(ADA)$0.244580-0.40%
  • dogecoinDogecoin(DOGE)$0.060435-1.12%
  • solanaSolana(SOL)$19.24-1.61%
  • tronTRON(TRX)$0.0847120.34%
  • ToncoinToncoin(TON)$2.12-1.43%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.02-1.52%
  • matic-networkPolygon(MATIC)$0.52-0.57%
  • litecoinLitecoin(LTC)$63.94-0.98%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.43%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,215.00-0.55%
  • bitcoin-cashBitcoin Cash(BCH)$214.131.43%
  • chainlinkChainlink(LINK)$7.40-1.07%
  • daiDai(DAI)$1.00-0.12%
  • true-usdTrueUSD(TUSD)$1.00-0.30%
  • leo-tokenLEO Token(LEO)$3.66-3.47%
  • uniswapUniswap(UNI)$4.25-0.51%
  • avalanche-2Avalanche(AVAX)$8.990.58%
  • stellarStellar(XLM)$0.112384-0.66%
  • moneroMonero(XMR)$144.77-0.11%
  • okbOKB(OKB)$43.140.26%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • binance-usdBUSD(BUSD)$1.00-0.21%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.10-1.02%
  • cosmosCosmos Hub(ATOM)$6.99-1.07%
  • hedera-hashgraphHedera(HBAR)$0.049519-2.00%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • filecoinFilecoin(FIL)$3.19-0.89%
  • crypto-com-chainCronos(CRO)$0.050058-0.67%
  • internet-computerInternet Computer(ICP)$2.95-1.70%
  • lido-daoLido DAO(LDO)$1.46-1.52%
  • makerMaker(MKR)$1,423.578.47%
  • AptosAptos(APT)$5.36-4.57%
  • MantleMantle(MNT)$0.389969-0.93%
  • quant-networkQuant(QNT)$85.88-2.51%
  • vechainVeChain(VET)$0.016602-1.36%
  • ArbitrumArbitrum(ARB)$0.821.29%
  • nearNEAR Protocol(NEAR)$1.09-1.56%
  • optimismOptimism(OP)$1.282.23%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.046698-1.28%