- Bitcoin’s average dormancy witnessed a spike, which indicates higher selling pressure
- Bitcoin’s volume and MVRV ratio continued to decline.
Према нови CryptoQuant report by Венри, Bitcoin’s average dormancy had witnessed a spike. In the past, whenever such a spike occurred, it was always accompanied by the first technical rebound.
$ БТЦ:Average Dormancy – Highest level of since February 2022
“Past statistics show that this index frequently rises during the first technical rebound after a large price drop.”
by @dntwenry- ЦриптоКуант.цом (@цриптокуант_цом) Новембар 24, 2022
Читати Предвиђање цене биткоина 2022-2023
Bitcoin Average Dormancy rises
Са слике испод, то се може приметити Bitcoin’s average dormancy was the highest it’s ever been since February 2022. “Average Dormancy” is an on-chain indicator that calculates when a coin was traded the last time in relation to all coins. This metric usually grows when there is high selling pressure.
Извор: ЦриптоКуант
Another indicator that painted a cynical outlook for Bitcoin was the declining mean transaction volume. As can be seen from the image below, Bitcoin’s mean transaction volume declined significantly over the past month.
However, despite that, whales continued to show interest in Bitcoin. According to Подаци Глассноде-а, addresses holding more than one coin reached an all-time high of 950,432 on 24 November.
Извор: Глассноде
Even though large investors were observed to be accumulating Bitcoin, there were factors that could increase selling pressure on retail investors.
Other metrics drop
The transaction volume in profit declined over the past month, as can be seen from the image below. This indicated that a lot of Bitcoin holders were not able to profit after selling their BTC.
The MVRV ratio declined as well, suggesting that if most of the BTC holders sell at the current price, they would do so at a loss.
The daily active addresses on the BTC network also decreased significantly in the past few days.
Извор: Сантимент
It wasn’t just retail investors that were on the receiving end of selling pressure, as Битцоин рудари were also feeling the heat.
As evidenced by the chart below, the revenue generated by miners had been declining over the last few weeks. This declining revenue could be one reason why miners are exiting their positions and succumbing to selling pressure.
The miner balance, at the time of writing, had reached a 10-month low of 1.8 million.
Извор: Глассноде
That said, at press time, Bitcoin was trading at $16,540. Its price had depreciated by 0.06% and its volume had declined by 25.93% in the last 24 hours, according to ЦоинМаркетЦап.
Source: https://ambcrypto.com/bitcoin-btc-holders-planning-go-long-should-read-this-first/