Bitcoin “Diamond Hands” Start To Break As 1yr+ Supply Ramps Up Selling

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,578,897,147	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,578,897,147

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000637	0.53%	0.120003	0.119923	0.119951

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000637

0.53%

0.120003

0.119923

0.119951

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.120257	0.119333	0.119366	0.119366	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.120257

0.119333

0.119366

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	04:19:20	207.67	0.120003	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

04:19:20

207.67

0.120003

USD

Price x Volume	Volume	Base Symbol	Related Pairs
29,106.25	242,988.56	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

29,106.25

242,988.56

Bitcoin “Diamond Hands” Start To Break As 1yr+ Supply Ramps Up Selling

21/06/2022 8:00pm

NEWSBTC

Data shows the Bitcoin supply older than 1 year has shown accelerating movement recently, suggesting even the crypto’s stronger hands are feeling the fear in the market. Bitcoin Diamond Hands Are Starting To Budge In Current Market According to the latest weekly report from Glassnode, BTC’s older supply has been observing selling in recent days. The relevant indicator here is the “revived supply last active 1+ years,” which measures how many coins that have been sitting still since at least one year ago are seeing movement per day. When the value of this metric spikes up, it means a large amount of coins belonging to Bitcoin hodlers are being moved at the moment. Such a trend, when prolonged over a period, may be bearish for the crypto’s price as this kind of movement can imply the diamond hands in the market have been selling. On the other hand, low values of the metric imply there hasn’t been any significant movement in the supply older than one year recently. Related Reading | Bitcoin Long-Term Holder Loss-Taking Now Highest Since 2019 This trend shows hodlers are holding strong on to their coins, a sign that could be either neutral or bullish for the coin’s value. Now, here is a chart that shows the trend in the revived Bitcoin supply last active 1+ year ago over the past 12 months: The value of the indicator seems to have been high recently | Source: Glassnode's The Week Onchain - Week 25, 2022 As you can see in the above graph, a large amount of coins last active more than a year ago showed movement in recent days. Also, not just that, this spending of old coins has been rather accelerating, now reaching a value of 20k to 36k BTC per day. Related Reading | New York’s Latest Bill Clamping Down On Bitcoin Mining Draws Sharp Criticism From Industry This implies that these long-term holders have been ramping up their selling in the last few days as the price of the crypto has struggled. The trend suggests that the recent crash has put fear and panic among even the stronger of Bitcoin hands, who are usually the last to budge during selloffs. If the selling of coins older than one year continues on, then BTC could observe further downtrend in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $21k, down 5% in the last seven days. Over the past month, the crypto has lost 28% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been steadily rising over the last few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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