Bitcoin Tokens Aged Between 3-6 Months Have Moved Recently
As pointed out by an analyst in a CryptoQuant , this kind of trend has proved to be volatile for the cryptocurrency in the past. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which tells us about the total amount of Bitcoin that’s being moved on the network by each of the age bands.
The “age bands” here refer to groups of coins divided based on the total amount of time they have been dormant inside a single wallet address. The 1-3 months age band, for example, includes all coins that have been sitting still on the blockchain since at least one month and at most three months ago.The value of the metric seems to have been quite high in recent days | Source:As you can see in the above graph, the quant has highlighted the important points of the trend for the Bitcoin SOAB indicator for the 3-6 months age band.
In the current case, the age of the coins is less than six months, so this supply isn’t that old yet. However, since these coins are still on the verge of aging into “long-term holders” (investors with coins dormant for more than six months), the movements of this group can still have significant implications for the market.
From the chart, it’s apparent that these investors, who are sometimes termed the “mid-term holders” because of their placement just below the long-term holders, have made another large move recently.
In this spike, the mid-term holders have transferred a total of 50,000 BTC (about $1.3 billion at the current exchange rate) on the network. It’s currently uncertain whether this spike is a sign of selling from these investors or if it’s just a movement done for another purpose, like changing wallets, but if the historical trend is anything to go by, these spikes have generally not ended well for the cryptocurrency.BTC Price
At the time of writing, Bitcoin is trading around $26,700, down 5% in the last week.Looks like BTC has declined in the last day | Source: