“In November-December, the most actively disposed of digital gold were market participants who bought coins against the background of the approval and launch of spot ETFs in the USA. These observations were shared by CryptoQuant contributor Yonsei_dent. “The graph shows that hodlers with a holding period of 6 to 12 months, which is marked by an orange bar, became the most active sellers of Bitcoin,” the expert noted. Source: CryptoQuant. The aforementioned category of investors allegedly “put pressure on the price of Bitcoin.” “But tall […]”, — write: businessua.com.ua
In November-December, the most actively disposed of digital gold were market participants who bought coins against the background of the approval and launch of spot ETFs in the USA. These observations shared by CryptoQuant contributor Yonsei_dent.
“The graph shows that hodlers with a holding period of 6 to 12 months, which is marked by an orange bar, became the most active sellers of Bitcoin,” the expert noted.
Source: CryptoQuant.
The aforementioned category of investors allegedly “put pressure on the price of Bitcoin.”
“However, strong aggregate demand has kept quotes in the $90,000 to $100,000 range,” Yonsei_dent emphasized.
According to his observations, owners who kept coins for more than a year “sold relatively little” during that period.
“Furthermore, the Binary CDD metric at the bottom of the chart illustrates a decline in sales of older bitcoins in December compared to November. This suggests that many long-term owners can expect even higher prices,” the expert concluded.
The Spent Output Age Bands (SOAB) indicator provides an insight into the sales of the first cryptocurrency by investors, providing a breakdown by holding periods.
At the time of writing, digital gold is trading around $96,000. Over the past 24 hours, the asset’s price has fallen by 2.5%, according to CoinGecko.
Earlier, the author of CryptoQuant under the nickname Avocado_onchain indicated signs of the continuation of the Bitcoin rally; one of them is the impulse from the spot market.
The source