As Bitcoin Reclaims $100,000, Warning Signs Emerge from Long-Term Investors

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,919,909,862,809	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,919,909,862,809

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-290.76	-0.30%	97,170.43	97,161.13	97,168.49

Price Change

Price Change %

Current Price

Bid Price

Offer

-290.76

-0.30%

97,170.43

97,161.13

97,168.49

High Price	Low Price	Open Price	Prev. Close	52 Week Range
98,132.47	92,115.66	97,491.91	97,461.19	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

98,132.47

92,115.66

97,491.91

97,461.19

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:44:54	0.000236	97,170.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:44:54

0.000236

97,170.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,853,084,928.97	19,380.80	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,853,084,928.97

19,380.80

As Bitcoin Reclaims $100,000, Warning Signs Emerge from Long-Term Investors

20/12/2024 6:30am

NEWSBTC

Before yesterday’s plunge, Bitcoin recent rally was able to propel the asset to a new all-time high of $108,000, marking another significant milestone in its upward trajectory. However, according to latest analysis, this notable price surge is accompanied by signs of potential market volatility, as long-term holders begin to exhibit selling activity. Attention has been turned to the Binary Coin Days Destroyed (CDD) metric, a critical tool for assessing the behavior of long-term Bitcoin holders. Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? What Do Long-Term Holders Currently Signal? The Binary CDD metric tracks the activity of long-term holders by measuring the number of “coin days” destroyed relative to the total supply. When this metric spikes, it often indicates increased selling pressure from long-term investors. According to a CryptoQuant analyst, ShayanBTC, the Binary CDD metric has recently recorded a sharp increase, coinciding with Bitcoin’s new price high. Historically, such spikes in this metric have been precursors to market corrections, suggesting that these holders are taking advantage of current price levels to reduce their exposure. Shayan added that the long-term holders actions often serve as a barometer for broader market sentiment. The recent surge in the Binary CDD metric suggests that these holders might view the peak above $108,000 as a strategic exit point. If this selling pressure intensifies, it could lead to heightened market volatility and potentially trigger a price correction. Bitcoin Market Outlook Bitcoin has recorded a rollercoaster move in the past day. Particularly, following the FOMC news outcome yesterday along with the speech from Jerome Powell, Chair of the Federal Reserve of the United States, Bitcoin saw a significant plunge in its price dropping to as low as the $98,000 level. However, the latest price action has been quite interesting as BTC is showing a rebound. In the early hours of Thursday, Bitcoin saw a recovery in price after reclaiming the $100,000 to trade as high as above $105,000. Currently, Bitcoin has seen a retrace back to a price of $100,718, at the time of writing, marking a 3.5% decrease in the past day and roughly 6.6% reduction away from its all-time high (ATH). Meanwhile, adding to Shayan’s narrative, another CryptoQuant analyst, Onatt, highlighted additional market indicators that hint at potential turbulence. The Coinbase Premium Index, which tracks the price difference between Coinbase and other exchanges, is currently in negative territory, indicating increased selling pressure. Related Reading: Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH Furthermore, the adjusted Spent Output Profit Ratio (aSOPR), a metric used to gauge profit-taking behavior, has shown sudden spikes. According to Onatt, these signals collectively highlights the need for sustained institutional demand, particularly through Bitcoin exchange-traded funds (ETFs), to stabilize market conditions. Featured image created with DALL-E, Chart from TradingView

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