Bitcoin has been consolidating for weeks now. The entire market has witnessed a phase of constant buying at major dips and selling at rallies. TWJ had earlier reported that the king coin appeared to be heading for a potential death cross in the offing, but bullish hints made headways.
On a similar note, Glassnode also found that despite the bumpy road, the positive long-term sentiment continued to seep into the BTC market that has been quite chaotic of late.
Are the old Bitcoin hands accumulating again?
Seems like it.
According to the latest chart by the crypto-analytic, the old coin holders have remained unfazed by the 50% drop in Bitcoin’s value has not in any way influenced stronger hands. Binary CDD has now slid back to pre-bull accumulation levels after a period of sustained distribution spending by old hands.
Glassnode’s Coin Days Destroyed [CDD[ tracks the total sum of coin days destroyed each day and can be used to watch macro-spending trends and shifts in behavior for long-term BTC holders.
Essentially, when the Bitcoin holders are accumulating, few old coins are spent. hence, CDD goes low. However, during the final stages of the bull markets, holders go on a spending spree of old coins to realize profits, which results in a spike in CDD. But the current drop signifies otherwise. In short, “old coins are simply not moving.”
In yet another important development, the Bitcoin whales are back at it again. This was revealed by the on-chain data platform Santiment, which noted a “renewed” interest in the cryptocurrency market. The crowd interest for Bitcoin has appreciated to a 3-week high which, in turn, helped the token’s plummeting market dominance. The same cannot be said for the altcoins cohort which still remained suppressed.
