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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Bearish Signal: ‘Mid-Term’ Holders Show Signs Of Dumping

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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On-chain data shows that Bitcoin “mid-term” holders have been on the move during the past day, suggesting that they may be dumping currently.

Bitcoin 3-6 Months Age Band Shows Large Spike In Spent Outputs

As pointed out by an analyst in a CryptoQuant post, an increase in the spent outputs for the 3-6 months group has resulted in big moves for BTC before. The relevant indicator here is the “Spent Output Age Bands,” which tells us which age bands in the Bitcoin market are moving how many coins right now.

These “age bands” are groups that define ranges between which the coins (or holders) falling into said band last showed any movement or selling. For instance, the “1m-3m” age band includes all tokens that have been sitting dormant since at least 1 month and at most 3 months ago. If holders belonging to this group shift their coins, then the move will show up as a spike on the spent outputs chart for the band.

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In the context of the current topic, the relevant age band is the “3m-6m” group. Here is a chart that shows the trend in the spent output metric for it during the last few years:

Bitcoin Spent Output Age Bands

The value of the metric seems to have shot up during the last day | Source: CryptoQuant

As the above graph displays, the spent output metric has recorded a large value for the 3m-6m Bitcoin age band recently. The holders belonging to this group are sometimes referred to as the “mid-term holders,” because of the fact that their range covers the boundary between the short-term holder and the long-term holder cohorts.

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From the chart, it’s apparent that generally whenever this holder group has shown signs of heavy dumping, the price of BTC has observed a steep decline shortly after. The latest crash following the collapse of FTX, too, was preceded by a large movement from these investors.

After the current spike, Bitcoin has actually already seen a short-term drop, as the below chart shows. However, it’s unclear at the moment whether this decline was all there is going to be. If past examples are anything to go by, Bitcoin usually observes a large move whenever this trend forms, which implies the real decline from the latest spike may be yet to come.

Bitcoin Mid-Term Holder Dumping

A closer look at the price trend following the spike in the indicator | Source: CryptoQuant

BTC Price

At the time of writing, Bitcoin’s price floats around $16.8k, down 3% in the last week.

Bitcoin Price Chart

Looks like the value of the crypto has been moving sideways since the plunge a few days back | Source: BTCUSD on TradingView
Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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