BTC Sellers Appear to Mostly be Short-term Holders
On-chain data shows that recent price movements were likely mostly driven by shorter-term and relatively new holders.
Coin Metrics’ revived supply tracks how many old coins come back into circulation after being untouched for a specific period of time. For example, thirty day revived supply tracks how much supply is moved on-chain (i.e. transacated) after being untouched for at least thirty days.
On March 11th, about 281k BTC that had been untouched for at least thirty days were revived. But only 4,131 BTC that had been untouched for at least one year were revived. This signals that a vast majority of the activity on March 11th and March 12th involved BTC that had been held for less than a year. — link
On-chain data shows that recent price movements were likely mostly driven by shorter-term and relatively new holders.
Coin Metrics’ revived supply tracks how many old coins come back into circulation after being untouched for a specific period of time. For example, thirty day revived supply tracks how much supply is moved on-chain (i.e. transacated) after being untouched for at least thirty days.
On March 11th, about 281k BTC that had been untouched for at least thirty days were revived. But only 4,131 BTC that had been untouched for at least one year were revived. This signals that a vast majority of the activity on March 11th and March 12th involved BTC that had been held for less than a year. — link
There's now $3 billion++ of stablecoins sitting on exchanges.
If investors wanted to cash out of crypto completely, they would have withdrawn funds to banks.
Instead, we've got more dry powder held in the crypto economy than ever before.
In both real and market cap % terms.
If investors wanted to cash out of crypto completely, they would have withdrawn funds to banks.
Instead, we've got more dry powder held in the crypto economy than ever before.
In both real and market cap % terms.