{"id":525729,"date":"2023-04-05T15:00:01","date_gmt":"2023-04-05T15:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=525729"},"modified":"2024-06-11T14:34:52","modified_gmt":"2024-06-11T14:34:52","slug":"bitcoin-older-than-5-years-moves-bearish-sign","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-older-than-5-years-moves-bearish-sign\/","title":{"rendered":"Bitcoin Older Than 5 Years Abruptly Moves, Bearish Sign?"},"content":{"rendered":"

On-chain data shows a large amount of Bitcoin sitting dormant since between 5 and 7 years ago has moved recently, a sign that may be bearish for the price.<\/p>\n

5+ Years Old 1,005 BTC Has Been Recently Moved On The Bitcoin Blockchain<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, there is a possibility that this move could cause a drop in the price of the asset. The indicator of interest here is the “Spent Output Age Bands<\/a>” (SOAB), which tells us about the amount of Bitcoin that each age band in the market is spending or moving on the chain currently.<\/p>\n

The “age bands” here refer to groups of coins divided based on the criteria of how much time they have been sitting still on the chain. For example, the 1-week to 1-month band includes all coins that haven’t moved from a single address since between one week and one month ago.<\/p>\n

Now, here is a chart that shows the trend in the SOAB data for most of the age bands in the Bitcoin market over the last few days:<\/p>\n

\"Bitcoin<\/p>\n

The respective movements of the different age bands in the network | Source: CryptoQuant<\/a><\/pre>\n
As shown in the above graph, the highest spikes that the Bitcoin SOAB metric has registered during recent days have come from the 1-week to 1-month age band. This naturally makes sense, as a large amount of BTC supply constantly keeps churning without sitting still for too long due to trading activity and other reasons.<\/p>\n
Related Reading: Bitcoin SOPR Plunges, Why This Could Be Bullish<\/a><\/div>\n
A spike in the chart that stands out is the one from the 5-7 years age band, which took place a couple of days ago. This was an unusually large spike, as this group doesn’t tend to make too many moves. In total, about 1,005 BTC aged in this range were shifted on the blockchain during this spike.<\/p>\n
Investors that hold their coins for longer than six months are termed “long-term holders<\/a>” (LTHs). This means that the holders responsible for this spike were a section of the LTHs.<\/p>\n
Statistically speaking, the longer an investor holds onto their coins, the less likely they become to sell them at any point. Because of this reason, LTHs are made up of the more resolute holders in the market.<\/p>\n
Related Reading: Dogecoin Flips Cardano In Market Cap, Becomes 7th Largest Crypto<\/a><\/div>\n
Since the coins that moved recently were on the older side for even the LTHs, it could be a sign that even the diamond hands of the network may be becoming tempted to sell at the current price levels.<\/p>\n
The exchange inflow<\/a> SOAB, a modified version of the indicator that only tracks transactions going towards centralized exchanges, hasn’t yet registered any appreciable spikes from the 5-7 years cohort.<\/p>\n
\"Bitcoin<\/p>\n
The movements of the age bands going towards exchanges | Source: CryptoQuant<\/a><\/pre>\n
Generally, investors use exchanges for selling, so if these coins didn’t move towards such platforms, there is a chance the movement wasn’t made for distribution after all. There is, however, still the possibility that the holders involved may just be selling through over-the-counter (OTC) deals, which, if true, could be bearish for the price.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,500, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has continued to consolidate | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a large amount of Bitcoin sitting dormant since between 5 and 7 years ago has moved recently, a sign that may be bearish for the price. 5+ Years Old 1,005 BTC Has Been Recently Moved On The Bitcoin Blockchain As pointed out by an analyst in a CryptoQuant post, there is a possibility that this move could cause a drop in the price of the asset. The indicator of interest here is the “Spent Output Age Bands” (SOAB), which tells us about the amount of Bitcoin that each age band in the market is spending or moving on the chain currently. The “age bands” here refer to groups of coins divided based on the criteria of how much time they have been sitting still on the chain. For example, the 1-week to 1-month band includes all coins that haven’t moved from a single address since between one week and one month ago. Now, here is a chart that shows the trend in the SOAB data for most of the age bands in the Bitcoin market over the last few days: The respective movements of the different age bands in the network | Source: CryptoQuant As shown in the above graph, the highest spikes that the Bitcoin SOAB metric has registered during recent days have come from the 1-week to 1-month age band. This naturally makes sense, as a large amount of BTC supply constantly keeps churning without sitting still for too long due to trading activity and other reasons. Related Reading: Bitcoin SOPR Plunges, Why This Could Be Bullish A spike in the chart that stands out is the one from the 5-7 years age band, which took place a couple of days ago. This was an unusually large spike, as this group doesn’t tend to make too many moves. In total, about 1,005 BTC aged in this range were shifted on the blockchain during this spike. Investors that hold their coins for longer than six months are termed “long-term holders” (LTHs). This means that the holders responsible for this spike were a section of the LTHs. Statistically speaking, the longer an investor holds onto their coins, the less likely they become to sell them at any point. Because of this reason, LTHs are made up of the more resolute holders in the market. Related Reading: Dogecoin Flips Cardano In Market Cap, Becomes 7th Largest Crypto Since the coins that moved recently were on the older side for even the LTHs, it could be a sign that even the diamond hands of the network may be becoming tempted to sell at the current price levels. The exchange inflow SOAB, a modified version of the indicator that only tracks transactions going towards centralized exchanges, hasn’t yet registered any appreciable spikes from the 5-7 years cohort. The movements of the age bands going towards exchanges | Source: CryptoQuant Generally, investors use exchanges for selling, so if these coins didn’t move towards such platforms, there is a chance the movement wasn’t made for distribution after all. There is, however, still the possibility that the holders involved may just be selling through over-the-counter (OTC) deals, which, if true, could be bearish for the price. BTC Price At the time of writing, Bitcoin is trading around $28,500, up 1% in the last week. Looks like BTC has continued to consolidate | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":525765,"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":[428,85841,84666,88047,87303,1119,1144],"class_list":["post-525729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-signal","tag-bitcoin-long-term-holders","tag-bitcoin-soab","tag-bitcoin-spent-output-age-bands","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Older Than 5 Years Abruptly Moves, Bearish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain data shows a large amount of Bitcoin sitting dormant since between 5 and 7 years ago has 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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 Older Than 5 Years Abruptly Moves, Bearish Sign?","url":"http:\/\/uniquehot.com\/news\/bitcoin-older-than-5-years-moves-bearish-sign\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-older-than-5-years-moves-bearish-sign\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/kanchanara-7E3QGntO66M-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 bearish signal","bitcoin long-term holders","bitcoin soab","bitcoin spent output age bands","btc","btcusd"],"dateCreated":"2023-04-05T15:00:01Z","datePublished":"2023-04-05T15:00:01Z","dateModified":"2024-06-11T14:34:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Older Than 5 Years Abruptly Moves, Bearish Sign?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-older-than-5-years-moves-bearish-sign\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-older-than-5-years-moves-bearish-sign\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-7E3QGntO66M-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 bearish signal\",\"bitcoin long-term holders\",\"bitcoin soab\",\"bitcoin spent output age bands\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-04-05T15:00:01Z\",\"datePublished\":\"2023-04-05T15:00:01Z\",\"dateModified\":\"2024-06-11T14:34:52Z\"}<\/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\/2023\/04\/kanchanara-7E3QGntO66M-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/525729","targetHints":{"allow":["GET"]}}],"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=525729"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/525729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/525765"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=525729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=525729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=525729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}