{"id":605546,"date":"2024-04-29T18:30:41","date_gmt":"2024-04-29T18:30:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=605546"},"modified":"2024-06-11T07:04:57","modified_gmt":"2024-06-11T07:04:57","slug":"bitcoin-price-drops-advance-quant-reveals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-drops-advance-quant-reveals\/","title":{"rendered":"This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals"},"content":{"rendered":"<p>A quant has pointed out how a Bitcoin metric may have detected selling pressure in the market, and therefore, the subsequent price drops, in advance.<\/p>\n<h2>Bitcoin CDD Registered Spikes Before Recent Price Plunges<\/h2>\n<p>In a new <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/662eaff9df798149da5e24aa-Detecting-Selling-Pressure-in-Bitcoin-with-CDD-Data-and-Its-Impact-on-Prices\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a> on X, an analyst has discussed about how the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-cdd-bullish-breakout-rally-returning-flow\/\" target=\"_blank\" rel=\"noopener \">Coin Days Destroyed (CDD)<\/a> on-chain indicator may be used to identify selling pressure in the market early.<\/p>\n<p>A &#8220;coin day&#8221; refers to the quantity that 1 BTC accumulates after staying still on the blockchain for 1 day. When a token stays dormant for a while, it naturally accumulates some number of coin days, and once it&#8217;s finally transferred on the network, its coin days counter resets back to zero.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/xrp-news\/xrp-whales-active-where-sending-coins\/\" target=\"_blank\" rel=\"noopener \">XRP Whales Are Active: Here\u2019s Where They Are Sending Coins<\/a><\/div>\n<p>The coin days that this token had been carrying prior to this movement are said to be &#8220;destroyed&#8221; by the transaction. The CDD keeps track of the total number of such days being reset across the network on any given day.<\/p>\n<p>Now, here is a chart that shows the trend in the CDD for Bitcoin over the last couple of months:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/128027\/quicktake\/rh8vzy_63287cfa5715b710fdebcd80789aea8f1f9e7dcb9e3c1918951f8f2e216b450a.png?resize=1280%2C521&#038;ssl=1\" alt=\"Bitcoin CDD\" width=\"1280\" height=\"521\"><\/p>\n<pre style=\"text-align: center\">The pattern that the indicator has followed alongside the BTC price in the past two months | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/662eaff9df798149da5e24aa-Detecting-Selling-Pressure-in-Bitcoin-with-CDD-Data-and-Its-Impact-on-Prices\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>As displayed in the above graph, the Bitcoin CDD observed a large spike just a few days ago. Whenever this metric&#8217;s value shoots up, it means that a large amount of coins previously dormant are now on the move.<\/p>\n<p>Such transfers are generally correlated with the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-long-term-700000-btc-selloff-reversal\/\" target=\"_blank\" rel=\"noopener \">long-term holder<\/a> whales, who are large entities who carry their coins for significant periods, and thus, accumulate a large number of coin days.<\/p>\n<p>Often, when these dormant entities finally break their silence, it&#8217;s for selling-related purposes. As such, spikes in the CDD can be an indication that the HODLer whales have decided to do some selling.<\/p>\n<p>In the chart, the quant has highlighted the major spikes that the indicator observed during the last two months. It would appear that following the onset of such spikes, the asset&#8217;s price has generally gone on to witness some bearish action.<\/p>\n<p>The aforementioned spike from a few days ago, too, has proven to be bearish for the asset so far as it occurred when Bitcoin had recovered towards $67,000, and the price has since erased this recovery. It would appear that some of these diamond hands had looked at this surge as an exit opportunity.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/altcoins-opportunity-zone-santiment-reveals\/\" target=\"_blank\" rel=\"noopener \">85% Of Altcoins In \u201cOpportunity Zone,\u201d Santiment Reveals<\/a><\/div>\n<p>Last month, the CDD had seen two spikes even larger than this recent one. These spikes had occurred near what continues to be the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-top-already-historical-pattern-so\/\" target=\"_blank\" rel=\"noopener \">top<\/a> for the rally so far. Thus, the selling pressure from HODLers may have played a role in this top and the subsequent drawdown that followed.<\/p>\n<p>Given the relationship that this metric has appeared to have held with the Bitcoin price, it may be worth keeping an eye on it, as it may continue to indicate the onset of selling pressure in the near future as well.<\/p>\n<h2>BTC Price<\/h2>\n<p>Bitcoin has continued its bearish trajectory during the past day as it has now slipped towards the $62,300 level.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/Fi6sSPML\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"854\"><\/p>\n<pre style=\"text-align: center\">Looks like the price of the coin has been going down over the last few days | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A quant has pointed out how a Bitcoin metric may have detected selling pressure in the market, and therefore, the subsequent price drops, in advance. Bitcoin CDD Registered Spikes Before Recent Price Plunges In a new post on X, an analyst has discussed about how the Coin Days Destroyed (CDD) on-chain indicator may be used to identify selling pressure in the market early. A &#8220;coin day&#8221; refers to the quantity that 1 BTC accumulates after staying still on the blockchain for 1 day. When a token stays dormant for a while, it naturally accumulates some number of coin days, and once it&#8217;s finally transferred on the network, its coin days counter resets back to zero. Related Reading: XRP Whales Are Active: Here\u2019s Where They Are Sending Coins The coin days that this token had been carrying prior to this movement are said to be &#8220;destroyed&#8221; by the transaction. The CDD keeps track of the total number of such days being reset across the network on any given day. Now, here is a chart that shows the trend in the CDD for Bitcoin over the last couple of months: The pattern that the indicator has followed alongside the BTC price in the past two months | Source: CryptoQuant As displayed in the above graph, the Bitcoin CDD observed a large spike just a few days ago. Whenever this metric&#8217;s value shoots up, it means that a large amount of coins previously dormant are now on the move. Such transfers are generally correlated with the long-term holder whales, who are large entities who carry their coins for significant periods, and thus, accumulate a large number of coin days. Often, when these dormant entities finally break their silence, it&#8217;s for selling-related purposes. As such, spikes in the CDD can be an indication that the HODLer whales have decided to do some selling. In the chart, the quant has highlighted the major spikes that the indicator observed during the last two months. It would appear that following the onset of such spikes, the asset&#8217;s price has generally gone on to witness some bearish action. The aforementioned spike from a few days ago, too, has proven to be bearish for the asset so far as it occurred when Bitcoin had recovered towards $67,000, and the price has since erased this recovery. It would appear that some of these diamond hands had looked at this surge as an exit opportunity. Related Reading: 85% Of Altcoins In \u201cOpportunity Zone,\u201d Santiment Reveals Last month, the CDD had seen two spikes even larger than this recent one. These spikes had occurred near what continues to be the top for the rally so far. Thus, the selling pressure from HODLers may have played a role in this top and the subsequent drawdown that followed. Given the relationship that this metric has appeared to have held with the Bitcoin price, it may be worth keeping an eye on it, as it may continue to indicate the onset of selling pressure in the near future as well. BTC Price Bitcoin has continued its bearish trajectory during the past day as it has now slipped towards the $62,300 level. Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":605595,"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":[428,92183,678,679,684,87375,86007,1119,1144],"class_list":["post-605546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-foreshadowing","tag-bitcoin-prediction","tag-bitcoin-price","tag-bitcoin-price-drop","tag-bitcoin-selling","tag-bitcoin-selling-pressure","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals<\/title>\n<meta name=\"description\" content=\"A quant 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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\/\"}]}<\/script>\n","yoast_head_json":{"title":"This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals","description":"A quant has pointed out how a Bitcoin metric may have detected selling in the market, and thus, the subsequent price drops, in advance.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/bitcoin-price-drops-advance-quant-reveals\/","og_locale":"en_US","og_type":"article","og_title":"This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals","og_description":"A quant 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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":"This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-drops-advance-quant-reveals\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-drops-advance-quant-reveals\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024"},"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 foreshadowing","bitcoin prediction","bitcoin price","bitcoin price drop","bitcoin selling","bitcoin selling pressure","btc","btcusd"],"dateCreated":"2024-04-29T18:30:41Z","datePublished":"2024-04-29T18:30:41Z","dateModified":"2024-06-11T07:04:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-drops-advance-quant-reveals\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-drops-advance-quant-reveals\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024\"},\"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 foreshadowing\",\"bitcoin prediction\",\"bitcoin price\",\"bitcoin price drop\",\"bitcoin selling\",\"bitcoin selling pressure\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-04-29T18:30:41Z\",\"datePublished\":\"2024-04-29T18:30:41Z\",\"dateModified\":\"2024-06-11T07:04:57Z\"}<\/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\/2024\/04\/kanchanara-Lta5b8mPytw-unsplash-1.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/605546"}],"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=605546"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/605546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/605595"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=605546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=605546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=605546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}