{"id":535815,"date":"2023-05-31T12:34:30","date_gmt":"2023-05-31T12:34:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=535815"},"modified":"2024-06-11T08:12:48","modified_gmt":"2024-06-11T08:12:48","slug":"bitcoin-wealth-transferring-old-new-why-positive","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-wealth-transferring-old-new-why-positive\/","title":{"rendered":"Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive"},"content":{"rendered":"

On-chain data shows Bitcoin is slowly moving from the old holders to new investors, a sign that could be positive for the market.<\/p>\n

Bitcoin RHODL Ratio Has Been Climbing Up In Recent Days<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, this kind of trend is usually seen in the middle of cycle transitions. The “Realized HODL (RHODL) ratio<\/a>” is an indicator that tells us the ratio between the supplies held by the 1-week-old holders and the 1 to 2 years old investors.<\/p>\n

To be more specific, this indicator doesn’t simply measure the amount of market cap held by these groups, but rather the “realized cap.” This capitalization method calculates the value of the supply by assuming that each coin is worth not the current spot price, but the price at which it was last moved on the blockchain.<\/p>\n

Here, the 1-week old investors represent the youngest of the BTC participants, who have just bought their coins. Thus, the realized cap held by them provides hints about the wealth owned by the newcomers.<\/p>\n

The 1-2 years old BTC investors, on the other hand, are a segment of the long-term holders<\/a>, meaning that they are the more experienced players in the market.<\/p>\n

Since the RHODL ratio compares the supplies of these young and old holders (though, only some segments of them), it can deliver insight into how these supplies are changing relative to each other.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin RHODL ratio over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric seems to have been going up in recent days | Source: Glassnode on Twitter<\/a><\/pre>\n
As you can see in the above graph, Glassnode has marked the wider trends that the indicator has followed during the previous cycle as well as in the current Bitcoin cycle.<\/p>\n
It seems like during the bear markets in both the previous and the current cycles, the indicator had been observing a constant downtrend. This means that the young investors had been leaving the market while the long-term holders had been accumulating.<\/p>\n
Related Reading: Bitcoin Miners Receive Inflows Of 7,000 BTC, What Does It Mean?<\/a><\/div>\n
This trend makes sense, as the young investors would constantly get into losses during a bear market downtrend, so a lot of them would quickly sell their holdings.<\/p>\n
Following the bear market bottom formation in the last cycle, the Bitcoin RHODL ratio stopped its decline and soon reversed the trend when some fresh bullish momentum came in the form of the April 2019 rally<\/a>.<\/p>\n
A similar trend has also been observed during the current cycle, implying that the bottom after the FTX crash back in November 2022 may have been the bottom after all.<\/p>\n
Just like during the April 2019 rally, the indicator has been moving up during the current rally. This suggests that new participants are once again interested in accumulating the cryptocurrency.<\/p>\n
Related Reading: XRP Bullish Signal: Address Activity Spikes To Historical Levels<\/a><\/div>\n
Such a signal has historically been constructive for Bitcoin, with this kind of market shift from the long-term holders towards new hands often leading to full-blown bull markets.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,000, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has gone down during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin is slowly moving from the old holders to new investors, a sign that could be positive for the market. Bitcoin RHODL Ratio Has Been Climbing Up In Recent Days According to data from the on-chain analytics firm Glassnode, this kind of trend is usually seen in the middle of cycle transitions. The “Realized HODL (RHODL) ratio” is an indicator that tells us the ratio between the supplies held by the 1-week-old holders and the 1 to 2 years old investors. To be more specific, this indicator doesn’t simply measure the amount of market cap held by these groups, but rather the “realized cap.” This capitalization method calculates the value of the supply by assuming that each coin is worth not the current spot price, but the price at which it was last moved on the blockchain. Here, the 1-week old investors represent the youngest of the BTC participants, who have just bought their coins. Thus, the realized cap held by them provides hints about the wealth owned by the newcomers. The 1-2 years old BTC investors, on the other hand, are a segment of the long-term holders, meaning that they are the more experienced players in the market. Since the RHODL ratio compares the supplies of these young and old holders (though, only some segments of them), it can deliver insight into how these supplies are changing relative to each other. Now, here is a chart that shows the trend in the Bitcoin RHODL ratio over the last few years: Looks like the value of the metric seems to have been going up in recent days | Source: Glassnode on Twitter As you can see in the above graph, Glassnode has marked the wider trends that the indicator has followed during the previous cycle as well as in the current Bitcoin cycle. It seems like during the bear markets in both the previous and the current cycles, the indicator had been observing a constant downtrend. This means that the young investors had been leaving the market while the long-term holders had been accumulating. Related Reading: Bitcoin Miners Receive Inflows Of 7,000 BTC, What Does It Mean? This trend makes sense, as the young investors would constantly get into losses during a bear market downtrend, so a lot of them would quickly sell their holdings. Following the bear market bottom formation in the last cycle, the Bitcoin RHODL ratio stopped its decline and soon reversed the trend when some fresh bullish momentum came in the form of the April 2019 rally. A similar trend has also been observed during the current cycle, implying that the bottom after the FTX crash back in November 2022 may have been the bottom after all. Just like during the April 2019 rally, the indicator has been moving up during the current rally. This suggests that new participants are once again interested in accumulating the cryptocurrency. Related Reading: XRP Bullish Signal: Address Activity Spikes To Historical Levels Such a signal has historically been constructive for Bitcoin, with this kind of market shift from the long-term holders towards new hands often leading to full-blown bull markets. BTC Price At the time of writing, Bitcoin is trading around $27,000, up 1% in the last week. BTC has gone down during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":535848,"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":[428,84666,85735,1119,1144],"class_list":["post-535815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-term-holders","tag-bitcoin-rhodl-ratio","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin is slowly moving from the old holders to new investors, a sign that could be positive for the market.\" \/>\n<meta name=\"robots\" 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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 Wealth Is Transferring From Old To New Hands, Why This Is Positive","url":"http:\/\/uniquehot.com\/news\/bitcoin-wealth-transferring-old-new-why-positive\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-wealth-transferring-old-new-why-positive\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1263427216.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1263427216.jpg?fit=1266%2C828"},"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 long-term holders","bitcoin rhodl ratio","btc","btcusd"],"dateCreated":"2023-05-31T12:34:30Z","datePublished":"2023-05-31T12:34:30Z","dateModified":"2024-06-11T08:12:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-wealth-transferring-old-new-why-positive\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-wealth-transferring-old-new-why-positive\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1263427216.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1263427216.jpg?fit=1266%2C828\"},\"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 long-term holders\",\"bitcoin rhodl ratio\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-31T12:34:30Z\",\"datePublished\":\"2023-05-31T12:34:30Z\",\"dateModified\":\"2024-06-11T08:12:48Z\"}<\/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\/05\/iStock-1263427216.jpg?fit=1266%2C828","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/535815"}],"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=535815"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/535815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/535848"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=535815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=535815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=535815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}