bitcoin
Bitcoin (BTC) $ 17,267.35
ethereum
Ethereum (ETH) $ 1,285.42
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.05
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.393445
dogecoin
Dogecoin (DOGE) $ 0.098634
cardano
Cardano (ADA) $ 0.315824
matic-network
Polygon (MATIC) $ 0.925985
polkadot
Polkadot (DOT) $ 5.45
staked-ether
Lido Staked Ether (STETH) $ 1,269.70
litecoin
Litecoin (LTC) $ 77.34
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.96
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.74
tron
TRON (TRX) $ 0.054059
uniswap
Uniswap (UNI) $ 6.20
avalanche-2
Avalanche (AVAX) $ 13.45
leo-token
LEO Token (LEO) $ 3.82
chainlink
Chainlink (LINK) $ 7.04
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,255.81
cosmos
Cosmos Hub (ATOM) $ 9.84
the-open-network
Toncoin (TON) $ 1.82
monero
Monero (XMR) $ 147.74
ethereum-classic
Ethereum Classic (ETC) $ 19.28
stellar
Stellar (XLM) $ 0.085720
bitcoin-cash
Bitcoin Cash (BCH) $ 112.11
quant-network
Quant (QNT) $ 122.87
crypto-com-chain
Cronos (CRO) $ 0.064839
algorand
Algorand (ALGO) $ 0.226114
filecoin
Filecoin (FIL) $ 4.44
near
NEAR Protocol (NEAR) $ 1.71
apecoin
ApeCoin (APE) $ 3.95
vechain
VeChain (VET) $ 0.019110
hedera-hashgraph
Hedera (HBAR) $ 0.048179
internet-computer
Internet Computer (ICP) $ 4.31
trust-wallet-token
Trust Wallet (TWT) $ 2.61
eos
EOS (EOS) $ 1.00
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 45.08
flow
Flow (FLOW) $ 1.04
terra-luna
Terra Luna Classic (LUNC) $ 0.000174
frax
Frax (FRAX) $ 0.999999
axie-infinity
Axie Infinity (AXS) $ 8.20
the-sandbox
The Sandbox (SAND) $ 0.597628
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 63.34
theta-token
Theta Network (THETA) $ 0.879100
huobi-token
Huobi (HT) $ 6.55

Bitcoin metric warns of $21K profit-taking as decade-old BTC wakes up

0

- Advertisement -


Bitcoin (BTC) asleep for up to a decade is waking up this week as BTC price action sees six-week highs.

Data from on-chain analytics firm Glassnode shows some of the oldest “dormant” Bitcoin returning to circulation.

BTC trends out of hibernation

As BTC/USD stages something of a comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.

According to Glassnode, the number of Bitcoin previously stationary in their wallet for 7-10 years but not active again reached a one-month high on Oct. 29.

This is in fact the latest in a series of such highs, with the previous one seen on Oct. 1.

BTC amount of supply last active 7-10 years ago chart. Source: Glassnode/ Twitter

Further numbers reveal that the unspent transaction outputs (UTXOs) in profit reached a one-month high of over 73% on Oct. 28, aiming to eclipse levels from September.

Glassnode shows that Bitcoin being moved is rapidly done so at a profit, rather than at a loss.

Bitcoin unspent transaction outputs (UTXOs) in profit chart. Source: Glassnode/ Twitter

SOPR spikes through key range

The data reinforces the theory that there is an increasing desire to engage in profit-taking, even among Bitcoin’s most seasoned hodlers, at current prices.

Related: Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018

Such profit-taking activities could increase significantly, even if spot price only puts in modest growth, a key network metric states.

The latest readings from Bitcoin’s Spent Output Profit Ratio (SOPR) show that further price gains would place BTC/USD in a classic profit-taking country.

SOPR essentially shows the extent to which the BTC supply is being sold in profit or loss. Fluctuating around 1, the ratio tends to be negative during bear markets, and when it crosses 1 while going higher, it signals a supply increase which could, in turn, impact price performance.

“In a bear market, everyone is selling or waiting for the break-even point to sell,” creator Renato Shirakashi explained in an introduction to the metric in 2019:

“When SOPR is close/greater than 1, people start to sell even more, as they reach break-even. With a higher supply, the price plunges.”

Bitcoin Spent Output Profit Ratio (SOPR) chart. Source: Glassnode

As Cointelegraph reported, some on-chain signals suggest that the overall picture is more nuanced.

Binance, the largest exchange by volume, this week saw its biggest-ever BTC balance decrease, indicating that users withdrew over 55,000 BTC in a single day.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Source link

- Advertisement -

Leave A Reply

Your email address will not be published.

Shares