{"id":509478,"date":"2022-11-21T16:00:35","date_gmt":"2022-11-21T16:00:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=509478"},"modified":"2024-06-11T08:05:00","modified_gmt":"2024-06-11T08:05:00","slug":"bitcoin-slips-below-16k-older-whales-signs-dumping","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-slips-below-16k-older-whales-signs-dumping\/","title":{"rendered":"Bitcoin Slips Below $16k As Older Whales Show Signs Of Dumping"},"content":{"rendered":"

On-chain data shows signs of dumping from the Bitcoin whales as the price of the crypto dips below $16k.<\/p>\n

Bitcoin Exchange Inflow CDD Has Spiked Up In Recent Days<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, a large amount of dormant coins seem to have moved recently.<\/p>\n

The relevant indicator here is “Coin Days Destroyed<\/a>” (CDD). A coin day is the amount that 1 BTC accumulates after staying still in a single address for 1 day.<\/p>\n

Whenever a coin that’s carrying some number of coin days finally shows movement, the coin day counter for it resets back to zero, and the coin days are said to be “destroyed.”<\/p>\n

The CDD metric measures the total number of these coin days being destroyed across the entire supply at any given time.<\/p>\n

Related Reading: Why Developing Nations Are Adopting Bitcoin as a Legal Tender<\/a><\/div>\n

A modified version of this indicator is the “exchange inflow CDD,” which tells us about the number of coin days being reset specifically because of transactions going into exchanges.<\/p>\n

Here is a chart showing the trend in this Bitcoin indicator over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite high in the last few days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin exchange inflow CDD has spiked up to some pretty high values recently.<\/p>\n
This means that investors have been sending in a large number of coins to exchanges, particularly coins that had previously been sitting dormant since a long while.<\/p>\n
Related Reading:  Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure<\/a><\/div>\n
Also, it’s apparent from the graph that the latest levels of the indicator are the highest they have been since the spike back in July 2021, which occurred shortly before the bottom of the May-July mini-bear<\/a> that year.<\/p>\n
Large exchange inflows can have bearish effects on the price as investors may be depositing to these platforms for selling purposes.<\/p>\n
Inflows from the long-term holders especially, who hold onto their coins for long periods and accumulate large number of coin days, could have noticeable consequences on the market since they are the cohort that’s least likely to sell at any point.<\/p>\n
Following this recent spike in Bitcoin exchange inflow CDD, the crypto’s price has observed a decline below the $16k level, suggesting that it may be the selling from these whales holding old coins that’s behind the dip.<\/p>\n
BTC Price<\/h2>\n
At the the time of writing, Bitcoin’s price<\/a> floats around $16k, down 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The crypto's value seems to have rebounded back above $16k for now | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows signs of dumping from the Bitcoin whales as the price of the crypto dips below $16k. Bitcoin Exchange Inflow CDD Has Spiked Up In Recent Days As pointed out by an analyst in a CryptoQuant post, a large amount of dormant coins seem to have moved recently. The relevant indicator here is “Coin Days Destroyed” (CDD). A coin day is the amount that 1 BTC accumulates after staying still in a single address for 1 day. Whenever a coin that’s carrying some number of coin days finally shows movement, the coin day counter for it resets back to zero, and the coin days are said to be “destroyed.” The CDD metric measures the total number of these coin days being destroyed across the entire supply at any given time. Related Reading: Why Developing Nations Are Adopting Bitcoin as a Legal Tender A modified version of this indicator is the “exchange inflow CDD,” which tells us about the number of coin days being reset specifically because of transactions going into exchanges. Here is a chart showing the trend in this Bitcoin indicator over the last few years: Looks like the value of the metric has been quite high in the last few days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow CDD has spiked up to some pretty high values recently. This means that investors have been sending in a large number of coins to exchanges, particularly coins that had previously been sitting dormant since a long while. Related Reading: Why Bitcoin Is Not At Risk Of Knocking $10,000 If Grayscale Increases Selling Pressure Also, it’s apparent from the graph that the latest levels of the indicator are the highest they have been since the spike back in July 2021, which occurred shortly before the bottom of the May-July mini-bear that year. Large exchange inflows can have bearish effects on the price as investors may be depositing to these platforms for selling purposes. Inflows from the long-term holders especially, who hold onto their coins for long periods and accumulate large number of coin days, could have noticeable consequences on the market since they are the cohort that’s least likely to sell at any point. Following this recent spike in Bitcoin exchange inflow CDD, the crypto’s price has observed a decline below the $16k level, suggesting that it may be the selling from these whales holding old coins that’s behind the dip. BTC Price At the the time of writing, Bitcoin’s price floats around $16k, down 4% in the last week. The crypto’s value seems to have rebounded back above $16k for now | Source: BTCUSD on TradingView Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":509488,"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":[428,86992,86335,87453,19064,1119,1144],"class_list":["post-509478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cdd","tag-bitcoin-dumping","tag-bitcoin-old-supply","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Slips Below $16k As Older Whales Show Signs Of Dumping<\/title>\n<meta name=\"description\" content=\"On-chain data shows signs of dumping from the Bitcoin whales as the price of the crypto dips below $16k. 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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 Slips Below $16k As Older Whales Show Signs Of Dumping","url":"http:\/\/uniquehot.com\/news\/bitcoin-slips-below-16k-older-whales-signs-dumping\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-slips-below-16k-older-whales-signs-dumping\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576"},"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 cdd","bitcoin dumping","bitcoin old supply","bitcoin whales","btc","btcusd"],"dateCreated":"2022-11-21T16:00:35Z","datePublished":"2022-11-21T16:00:35Z","dateModified":"2024-06-11T08:05:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Slips Below $16k As Older Whales Show Signs Of Dumping\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-slips-below-16k-older-whales-signs-dumping\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-slips-below-16k-older-whales-signs-dumping\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576\"},\"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 cdd\",\"bitcoin dumping\",\"bitcoin old supply\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-11-21T16:00:35Z\",\"datePublished\":\"2022-11-21T16:00:35Z\",\"dateModified\":\"2024-06-11T08:05:00Z\"}<\/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\/2022\/11\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509478"}],"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=509478"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/509478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/509488"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=509478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=509478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=509478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}