- A bearish moment to come as 7-year-old to 10-year-old Bitcoin which remained dormant since then has just made a move.
- A report shows that whenever this happens, Bitcoin treads for a more bearish trend.
Data from Onchain shows that 5,000 BTC with ages between 7 to 10 years have made a move. This move is a sign of a more bearish trend for Bitcoin.
7y ~ 10y old Bitcoin on the move🤔
" It is definitely not a bullish sign, but.."
— CryptoQuant.com (@cryptoquant_com) August 29, 2022
According to the CryptoQuant post shows that whenever old coins make a move, it means that Bitcoin is set to yet to unfold a more bearish trend. The Spent Out Age Bands tell the selling behavior of the different coin age holder groups in the Bitcoin market.
The metric checks when a group of coins was last moved. Depending on the timeline the coin has remained dormant, the metric puts the coin into a group. The group in the limelight is the 7 years to 10 years old cohort, which contain coins that were dormant for the same amount of time.
The Chart shows the trend in the Bitcoin spent outputs for this specific age band during the last few months:
The last few months have seen several spikes of spent outputs of the 7 years to 10 years Bitcoin age group.
The first appeared in March followed by May when the value of the coin had sharply fallen
Today coins aged 7 years to 10 years old have made a spike amounting to 5000BTCs. Bitcoins’ price is set to follow the pursuit as that of May.
Due to the market crash, Long term holders tend to join the selling side due to panic to avoid further losses.
No Need To Worry
Despite there being unclear whereabouts of the transaction, it is relatively a small transaction in an ancient wallet. Previously, enormous pressure was created in the market as similar wallets made enormous transactions moving up to 100,000 BTC.
Investors tend to split their holdings into different wallets to have more control over their assets. This might also mean fund redistribution. In case the transfer is meant for trading, it must surely pass through an OTC trading desk
At the moment the coin is currently trading for $20,190.42, a 6% drop from last week.