Bitcoin has been merging for weeks now. The entire market has witnessed a phase of continuous buying at important dips and selling at dusk. TWJ had earlier reported that the king coin appeared to be heading for an expected death cross in the offing, but bullish hints made headways.
On a similar note, Glassnode also found that despite the rocky road, the positive long-term belief continued to seep in the BTC market that’s been rather disorderly of late.
Are the older Bitcoin hands accumulating again?
Seems like it.
According to the latest graph 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 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 entire sum of coin days ruined daily and may be used to observe macro-spending trends and changes 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 last phases of the bull markets, holders go on a spending spree of older coins to realize profits, which ends in a spike in CDD. But the current drop signifies otherwise. In short,”old coins are simply not moving.”
In yet another significant development, the Bitcoin whales are back at it again. This was revealed by the on-chain data platform Santiment, which noted a”renewed” interest from the cryptocurrency market. The crowd interest for Bitcoin has valued to some 3-week high that, in turn, helped the market plummeting economy dominance. The exact same can’t be said for the altcoins cohort which remained suppressed.