On-chain data shows some dormant Bitcoin supply is again moving into exchanges, something that could be bearish for the price of the crypto. Bitcoin Exchange Inflow For Old Coins Has Observed Spikes In Recent Days As pointed out by an analyst in a CryptoQuant post, some coins in the age ranges 2y-3y and 3y-5y have recently been deposited to exchanges. The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred into the wallets of all centralized exchanges. When the value of this metric is high, it means investors are depositing large amounts to exchanges right now. Such a trend, when prolonged, can prove to be bearish for the value of the crypto as it can be a sign of dumping from holders. A modified version of this indicator is the exchange inflow “Spent Output Age Bands” (SOAB), which tells us about the individual contribution to the total inflows from the different supply groups in the market. Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong These cohorts are categorized based on the amount of time their coins have been sitting still for. The relevant age bands here are “2y-3y” and “3y-5y”; the below chart shows the trend in the exchange inflows coming from these supplies: Looks like the value of the metric for these cohorts has been raised in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow SOAB has spiked up for these coin groups during the last couple of days or so. This means that some investors have been depositing sizeable amounts of coins aged between 2 to 3 years and those between 3 to 5 years. Related Reading: This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown Such old supply is called the “long-term holder” supply. In general, the older the coins are, the less probable they are to move at any point. So, any movement from these coins, especially those to exchanges, may have noticeable implications on the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have rebounded back from the dip a couple of days ago | Source: BTCUSD on TradingView Bitcoin has continued to show stale price movement in the past week as the crypto has been mostly sticking around the $19k level. Two days or so ago BTC did make an attempt to break the monotony by plunging below to $18.7k, but it wasn’t long before the coin was back at $19k. Featured image from Max Saeling on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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The post Michael Saylor: BTC Is Valuable Because It’s Rare appeared first on Live Bitcoin News.

On-chain data shows around 82% of the Bitcoin short-term holder supply is currently in loss, suggesting that capitulation may occur soon. 82% Of Bitcoin Short-Term Holder Supply Now In Loss, While Total STH Supply Declines According to the latest weekly report from Glassnode, the BTC STH supply is nearing all-time lows at the moment. However, 82% of it is being held at a loss. The “BTC short-term holder supply” is that part of the total Bitcoin supply that has been held for less than 155 days. The investors holding this supply are usually the likeliest to sell their coins off during market volatility, and especially when a capitulation flush out occurs. An on-chain indicator, the Bitcoin STH supply in profit/loss, tells us the percentage distribution between these coins being held at a profit and those being held at a loss. When a high amount of this supply is in loss, there may be more sell-side pressure in the market as short-term holders capitulate easily. Related Reading | Bitcoin MPI Rises To Highest Value Since March 2021, Bull Rally Soon? Now, here is a chart that shows the trend in the BTC STH supply over the history of the coin: Looks like the value of the indicator has declined over the years | Source: Glassnode's The Week Onchain - Week 11, 2022 As you can see in the above graph, the Bitcoin STH supply has been observing a constant downtrend over much of the history of the coin, and is currently near all-time low values. The decrease in this supply happens when some of the coins mature beyond the 155-day cutoff, thus becoming part of the “long-term holder supply” instead. Since short-term holders can be a big source of sell-side pressure, the number of coins held by them severely going down can be bullish for the price of the crypto. Related Reading | Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase However, while the supply is low right now, around 82% of it is currently in loss. So despite the decline in total supply, these coins in loss still amount to around 2.5 million BTC, and thus they can add quite significant sell pressure to the market. As macro uncertainties like the Russian invasion of Ukraine continue to loom over the Bitcoin market, these short-term holders may finally break and capitulate in case their coins remain in the red or go even deeper. BTC Price At the time of writing, Bitcoin’s price floats around $38.5k, down 1% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the price of BTC over the last five days. BTC's price seems to have been in consolidation for a few days now | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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Earlier this week, the Bitcoin (BTC) price rallied to $44,000 levels amid sanctions reports. But, the cryptocurrency market slumped again as new development from the Ukrainian conflict came in. At press time, the entire crypto market was down by 4%. The king coin suffered a 5% price correction as it dropped below the $41,500 mark. […]

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Bitcoin price losses keep coming but coins dormant for at least a year now account for 60% of the total BTC supply.