Bitcoin Long-Term Holders Continue To Not Show Any Significant Movements
As pointed out by an analyst in a CryptoQuant , short-term holders have continued to apply selling pressure recently. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which tells us which investor groups have been selling or moving how many coins.
The “age bands” here refer to groups divided based on how dormant any batch of coins has been. For example, the 1m-3m cohort includes all investors that have been holding their coins for at least one month and at most three months ago in a single wallet address.The recent movements of the different cohorts in the BTC market | Source:As shown in the above graph, the Bitcoin SOAB has had some consistently large values for the 0-day to 1-day age bands recently. The other younger groups have also shown some noticeable values, but the more aged bands haven’t really observed any significant spikes.
The BTC market is usually divided into two main cohorts: short-term holders (STHs) and long-term holders (LTHs). The STHs include all investors that have been holding onto their coins since less than 155 days ago, while LTHs include holders that have kept their coins dormant for longer than that amount.
This means that the younger age bands just correspond to different segments of the STHs. As these groups have displayed elevated values recently, it would appear that the STHs have been actively selling the cryptocurrency during the rally.One noticeable instance of an LTH band showing a spike recently has been the 6 months to 12 months group, which observed an increase because of the US government moving around seized Bitcoin.
Naturally, this case was more of an exception and not an indication of a more general trend. The LTHs not showing any large transfers can be a positive sign for the price in the long term as it shows that these diamond hands still haven’t lost their conviction in the cryptocurrency.BTC Price
At the time of writing, Bitcoin is trading around $20,000, down 10% in the last week.BTC has plunged over the past day or so | Source: