{"id":471282,"date":"2021-09-09T19:00:49","date_gmt":"2021-09-09T19:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=471282"},"modified":"2024-06-11T13:58:30","modified_gmt":"2024-06-11T13:58:30","slug":"bitcoin-on-chain-sell-off-may-crash","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-sell-off-may-crash\/","title":{"rendered":"Bitcoin On-Chain Data Reveals Why This Selloff Is Different From May’s Crash"},"content":{"rendered":"

Bitcoin on-chain data shows the exchange reserve indicator looks different for the current selloff when compared to the May crash.<\/p>\n

Bitcoin Spot Exchange Reserve Continues To Decline Despite The Huge Dip<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the BTC reserve on spot exchanges has actually declined amidst the current price dip.<\/p>\n

The Bitcoin all exchanges reserve<\/a> is an indicator that shows the amount of coins present in wallets of all the centralized spot exchanges.<\/p>\n

When the reserve’s value moves up, it means more investors are sending their BTC to exchanges for withdrawing to fiat or altcoin<\/a> purchasing.<\/p>\n

Similarly, a downtrend in the metric implies investors are withdrawing a net amount of Bitcoin from exchange wallets to personal ones for hodling them, or selling through OTC deals.<\/p>\n

Here is a chart showing how the value of the indicator has changed in the past year:<\/p>\n

\"Bitcoin<\/p>\n

The Bitcoin exchange reserve seems to be going down | Source: CryptoQuant<\/a><\/pre>\n
Now, on examining the above graph, some interesting features can be seen. In the lead-up to the 2021 bull run, the exchange reserve was coming down from a very high value. This makes sense as a downtrend like that one means investors were accumulating more coins, which can help drive the price up.<\/p>\n
Then, around when Bitcoin hit its all-time-high (ATH), the metric started climbing back up quick, indicating a selloff, and thus the price crashed in response.<\/p>\n
Related Reading |\u00a0Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations<\/a><\/strong><\/em><\/p>\n
The current sharp dip, however, looks different. The BTC reserve has actually been on a decline, implying investors haven’t been quick to selloff on these spot exchanges.<\/p>\n
This would mean that this selloff may have been entirely driven by derivatives, unlike the May crash where spot exchanges also played a big role.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> is around $47k, down 5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 3% in gains.<\/p>\n
The below chart shows the trend in the value of the coin over the past five days.<\/p>\n
\"Bitcoin<\/p>\n
BTC's price shows a lot of volatility | Source: BTCUSD on TradingView<\/a><\/pre>\n
Two days ago, Bitcoin saw absolute chaos in price action as the coin’s value went from $50k all the way down to $43k within the matter of fifteen minutes. And then just minutes later, BTC had already recovered above $47k.<\/p>\n
Related Reading |\u00a0How Futures Traders Could See The Bitcoin Selloff Coming<\/a><\/strong><\/em><\/p>\n
The coin dipped back down to $44.4k yesterday, but it is already back to $47k now. It’s hard to say at the moment where the price might head next, but one thing can be expected for sure: more volatility ahead.<\/p>\n
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin on-chain data shows the exchange reserve indicator looks different for the current selloff when compared to the May crash. Bitcoin Spot Exchange Reserve Continues To Decline Despite The Huge Dip As pointed out by a CryptoQuant post, the BTC reserve on spot exchanges has actually declined amidst the current price dip. The Bitcoin all exchanges reserve is an indicator that shows the amount of coins present in wallets of all the centralized spot exchanges. When the reserve’s value moves up, it means more investors are sending their BTC to exchanges for withdrawing to fiat or altcoin purchasing. Similarly, a downtrend in the metric implies investors are withdrawing a net amount of Bitcoin from exchange wallets to personal ones for hodling them, or selling through OTC deals. Here is a chart showing how the value of the indicator has changed in the past year: The Bitcoin exchange reserve seems to be going down | Source: CryptoQuant Now, on examining the above graph, some interesting features can be seen. In the lead-up to the 2021 bull run, the exchange reserve was coming down from a very high value. This makes sense as a downtrend like that one means investors were accumulating more coins, which can help drive the price up. Then, around when Bitcoin hit its all-time-high (ATH), the metric started climbing back up quick, indicating a selloff, and thus the price crashed in response. Related Reading |\u00a0Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations The current sharp dip, however, looks different. The BTC reserve has actually been on a decline, implying investors haven’t been quick to selloff on these spot exchanges. This would mean that this selloff may have been entirely driven by derivatives, unlike the May crash where spot exchanges also played a big role. BTC Price At the time of writing, Bitcoin’s price is around $47k, down 5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 3% in gains. The below chart shows the trend in the value of the coin over the past five days. BTC’s price shows a lot of volatility | Source: BTCUSD on TradingView Two days ago, Bitcoin saw absolute chaos in price action as the coin’s value went from $50k all the way down to $43k within the matter of fifteen minutes. And then just minutes later, BTC had already recovered above $47k. Related Reading |\u00a0How Futures Traders Could See The Bitcoin Selloff Coming The coin dipped back down to $44.4k yesterday, but it is already back to $47k now. It’s hard to say at the moment where the price might head next, but one thing can be expected for sure: more volatility ahead. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":471285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83956,1119,1144],"class_list":["post-471282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-on-chain-analysis","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin On-Chain Data Reveals Why This Selloff Is Different From May's Crash<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain data shows the exchange reserve indicator looks different for the current selloff when compared to the May crash. 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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. 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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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On-Chain Data Reveals Why This Selloff Is Different From May’s Crash","url":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-sell-off-may-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-sell-off-may-crash\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/executium-YFSfvA1t6-8-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/executium-YFSfvA1t6-8-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin on-chain analysis","btc","btcusd"],"dateCreated":"2021-09-09T19:00:49Z","datePublished":"2021-09-09T19:00:49Z","dateModified":"2024-06-11T13:58:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On-Chain Data Reveals Why This Selloff Is Different From May’s Crash\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-sell-off-may-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-sell-off-may-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/executium-YFSfvA1t6-8-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/executium-YFSfvA1t6-8-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin on-chain analysis\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-09-09T19:00:49Z\",\"datePublished\":\"2021-09-09T19:00:49Z\",\"dateModified\":\"2024-06-11T13:58:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/executium-YFSfvA1t6-8-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/471282"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=471282"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/471282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/471285"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=471282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=471282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=471282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}