On-chain data shows some dormant Bitcoin supply is again moving into exchanges, something that could be bearish for the price of the crypto. Bitcoin Exchange Inflow For Old Coins Has Observed Spikes In Recent Days As pointed out by an analyst in a CryptoQuant post, some coins in the age ranges 2y-3y and 3y-5y have recently been deposited to exchanges. The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred into the wallets of all centralized exchanges. When the value of this metric is high, it means investors are depositing large amounts to exchanges right now. Such a trend, when prolonged, can prove to be bearish for the value of the crypto as it can be a sign of dumping from holders. A modified version of this indicator is the exchange inflow “Spent Output Age Bands” (SOAB), which tells us about the individual contribution to the total inflows from the different supply groups in the market. Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong These cohorts are categorized based on the amount of time their coins have been sitting still for. The relevant age bands here are “2y-3y” and “3y-5y”; the below chart shows the trend in the exchange inflows coming from these supplies: Looks like the value of the metric for these cohorts has been raised in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange inflow SOAB has spiked up for these coin groups during the last couple of days or so. This means that some investors have been depositing sizeable amounts of coins aged between 2 to 3 years and those between 3 to 5 years. Related Reading: This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown Such old supply is called the “long-term holder” supply. In general, the older the coins are, the less probable they are to move at any point. So, any movement from these coins, especially those to exchanges, may have noticeable implications on the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 1% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have rebounded back from the dip a couple of days ago | Source: BTCUSD on TradingView Bitcoin has continued to show stale price movement in the past week as the crypto has been mostly sticking around the $19k level. Two days or so ago BTC did make an attempt to break the monotony by plunging below to $18.7k, but it wasn’t long before the coin was back at $19k. Featured image from Max Saeling on Unsplash.com, charts from TradingView.com, CryptoQuant.com

On-chain knowledge suggests Bitcoin whales who gathered in the course of the June crash have continued to carry robust to this point. Bitcoin Sum Coin Age Distribution Shows Strong Accumulation Around $18k As identified by an analyst in a CryptoQuant post, the $18k degree has been getting assist from the whales as they’ve made spot […]

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On-chain data suggests Bitcoin whales who accumulated during the June crash have continued to hold strong so far. Bitcoin Sum Coin Age Distribution Shows Strong Accumulation Around $18k As pointed out by an analyst in a CryptoQuant post, the $18k level has been getting support from the whales as they have made spot purchases at this mark. The relevant indicator here is the “Sum Coin Age Distribution,” which tells us about the amounts the different Bitcoin investor groups are holding in their wallets right now. These groups are based on the idea of “coin age,” a measure of the total number of days a coin has been sitting dormant on the chain for. Related Reading: This On-Chain Metric Suggests Bitcoin Not In Danger Of Another Sharp Drawdown As an example, if 1 BTC remains still in a single address for two weeks, then this coin is taken as a part of the “1 week to 1 month” (1W to 1M) supply. Now, here is a chart that shows the trend in the Sum Coin Age Distribution in the Bitcoin market over the last year: Looks like the 3M to 6M group has been going up in recent weeks | Source: CryptoQuant As you can see in the above graph, the amount of supply held by the different Bitcoin coin age cohorts has shown an interesting pattern during the last few months. When the crypto’s price crashed back in June, the 1D to 1W supply spiked up as whales picked up some fresh coins around the $18k level. As the days passed, these coins started aging into the 1W to 1M range, causing the 1D to 1W band to plunge down, while the 1W to 1M group observed an uptrend. Related Reading: 3 Altcoins That defy Bitcoin Dominance And Continue To Rally – CSPR, TWT, CRV Similarly, these coins matured further with time, leading to the 1M to 3M group rising up and the previous one falling off. And finally, in the last couple of months, the 3M-6M cohort has also found itself at the end of this cascading effect. The recent increase in this last group suggests that the Bitcoin whales who bought during the crypto’s decline to $18k have still not realized profits on their coins, and have continued to hold onto them with conviction. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, up 1% in the last seven days. Over the past month, the crypto has gained 4% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto continues to show stagnant price movement in the last few days | Source: BTCUSD on TradingView Featured image from Michael Blum on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Historical data of an on-chain indicator could suggest Bitcoin may not be in danger of another sharp crash right now. Bitcoin Spot Exchange Depositing Addresses Stay At Very Low Values As pointed out by an analyst in a CryptoQuant post, signs are that another crash similar to Q3 2018 isn’t likely to happen currently. The relevant indicator here is the “spot exchange depositing addresses,” which is a measure of the total number of Bitcoin wallet addresses that are making send transactions to centralized spot exchanges right now. Generally, investors deposit their coins on spot exchanges for selling purposes. Thus, a spike in this metric can be bearish for the price of the crypto as it could be a hint at dumping behavior from a large number of addresses. On the other hand, low values imply not many holders are adding to the selling pressure in the market at the moment. Now, here is a chart that shows the trend in the Bitcoin spot exchange depositing addresses over the last few years: Looks like the value of the metric has been going down in recent months | Source: CryptoQuant As you can see in the above graph, the quant has marked the relevant zones of trend for the Bitcoin spot exchange depositing addresses. It seems like usually around periods where this indicator has sharply risen up to local tops, the price of BTC has also observed a top and subsequently declined. Related Reading: Will Bitcoin Tank Following The Charles Schwab Indicator? Do BTC Investors Need To Worry? Since the bull run top last year, the spot exchange depositing addresses have been overall winding down, seeing only a couple of peaks in the period. Some investors have recently been wondering whether another sharp drawdown is coming for Bitcoin in the near future, just like the one the 2018 bear market saw after months of sideways movement similar to now. Looking at the chart for the trend during the 2017/2018 cycle, it’s apparent that the metric declined following the bull run top and then plateaued at low levels as the bear market went on. Related Reading: Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022 However, in Q3 2018, the indicator suddenly jumped up. A couple of months or so after this happened, the price observed a crash. As during recent weeks there has been no such sharp increase in the indicator, the analyst believes there is no indication that a decline similar to then would take place now. BTC Price At the time of writing, Bitcoin’s price floats around $18.8k, down 4% in the last week. The value of the crypto seems to have dipped below the $19k level again | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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On-chain data shows the Bitcoin NUPL metric currently has values that would suggest the bear market is yet to hit in full swing, if the coin is in one. Bitcoin NUPL Value Still Not As Low As Previous Bear Markets As pointed out by an analyst in a CryptoQuant post, the BTC NUPL metric suggests market hasn’t neared a bear market bottom yet. The “net unrealized profile/loss” (or NUPL in short) is an indicator that tells us about the ratio of profit and loss in the Bitcoin market. The metric’s value is calculated by taking the difference between the market cap and the realized cap, and dividing it by the market cap. When the NUPL has a value greater than zero, it means there are more coins in profit than ones in loss at the moment. On the other hand, negative values of the indicator imply that investors are, on average, in a state of loss right now. Related Reading | Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week Now, here is a chart that shows the trend in the Bitcoin NUPL over the history of the crypto: Looks like the value of the indicator is still above zero | Source: CryptoQuant As you can see in the above graph, the Bitcoin NUPL metric has often been able to predict top and bottom formations through its various colored zones. In the previous bear markets, the indicator’s value has usually fallen off below zero (blue) as a bottom approached. In the lead up to these bearish periods have been the yellow and green phases, but currently the NUPL still looks to be in the yellow zone. This may mean that if Bitcoin has already entered into a bear market, it has still some ways to go before total capitulation and bottom formation. Related Reading | What’s Bitcoin Role After End of Petrodollar System? Arthur Hayes Says However, it’s worth noting that there have been instances before where the indicator dropped into the yellow zone after a bull rally, but then jumped back up soon after as the bullish trend continued, indicating a mid-cycle bottom formation instead. The latest example of this was during the mini-bear period of May-July 2021, where the coin bottomed at around $28k and rallied on to a new ATH. BTC Price At the time of writing, Bitcoin’s price floats around $41.4k, up 6% in the past week. Over the last month, the crypto has gained 8% in value. The below chart shows the trend in the price of the coin over the past five days. The price of the crypto seems to have held above $40k over the past couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

While the second-largest crypto asset by market cap has gained more than 15% in value against the U.S. dollar during the last week, the number of ethereum stored on exchanges has dropped significantly during the last few weeks. In less than two years, more than 29% of the ether held on exchanges has left centralized…

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On-chain data shows the Bitcoin exchange reserve has lost another 50k BTC over the past week, a sign that could be bullish for the price of the crypto. Bitcoin Exchange Reserve Continues To Observe Further Decline In Recent Weeks As pointed out by an analyst in a CryptoQuant post, 50k BTC in net outflows has exited exchange wallets over the past week. The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin stored in wallets of all centralized exchanges. When the value of this metric goes up, it means the supply on exchanges is rising as investors deposit a net amount of coins. Such a trend may be bearish for the price of the coin as holders usually transfer to exchanges for selling purposes. On the other hand, the reserve’s value decreasing implies that a net amount of Bitcoin is exiting exchange wallets at the moment. This kind of trend when sustained over a period can prove to be bullish for the coin’s price as it may be a sign that investors are accumulating. Related Reading | Current Stretch Of Bitcoin Fear Surpasses 2021 Selloff Now, here is a chart that shows the trend in the BTC exchange reserve over the past few months: Looks like the value of the indicator has sharply gone down recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserve has been going down over the last few months. In the past week alone, the metric has dropped 50k BTC in value. The last couple of days especially saw large downward spikes amounting to around 10k to 11k BTC. Related Reading | Mike Novogratz: Bitcoin Price To Range Between $30k-$50k Throughout The Year The exchange reserve has traditionally been considered the “selling supply” of the coin. As it has been shrinking for a while now, the effect on the price should be positive due to supply-demand dynamics. Some have referred to this decline as creating a “supply shock” in the market. However, recent data suggests that the reserve is no longer the main source of selling pressure, coins exiting from exchanges have instead just shifted into investment vehicles like ETFs. Nonetheless, the reserve declining does reduce part of the selling supply so the net effect of such a trend may still be bullish. BTC Price At the time of writing, Bitcoin’s price floats around $41k, up 5% in the past week. Over the last month, the crypto has lost 6% in value. The below chart shows the trend in the price of the coin over the past five days. The price of Bitcoin seems to have seen a surge over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

On-chain data shows the USDC exchange inflow has spiked up. Historically, stablecoins have provided dry powder for kicking off new Bitcoin rallies. USDC Exchange Inflow Sharply Rose To High Values Recently As explained by an analyst in a CryptoQuant post, almost one billion USDC has flowed into exchanges recently. Past pattern suggests this may lead to uptrend for Bitcoin. The “USD Coin exchange inflow” is an indicator that measures the total amount of the stablecoin entering wallets of all exchanges within a given period. When the value of this indicator moves up, it means investors are depositing a higher amount of coins at the moment. Usually, holders transfer stablecoins to exchanges for converting them into a volatile crypto, like Bitcoin. They may also withdraw the coins to fiat. Investors use stablecoins like USDC when they want to exit volatile markets and hold on until prices are favorable enough for re-entering them. This implies that high stablecoin exchange inflows may show that prices are once again good for re-entry. Related Reading | Bitcoin Trading Volume Has Now Stabilized At High Values, But For How Long? Now, here is a chart that shows the trend in the USD Coin exchange inflows over the past year: Looks like the value of the metric has surged up to high values recently | Source: CryptoQuant As you can see in the above graph, the USDC inflow has spiked up over the past few weeks. These inflows have amounted to around 1 billion coins. There were two other instances earlier during the period where similar values were also observed. Looking at the Bitcoin price curve in the same chart, it seems like some time following such large spikes in the indicator, the value of the crypto has always surged up as well. Related Reading | Bitcoin Exchange Reserve Has Now Reached An Equilibrium After 2 Years Of Downtrend This makes sense as many investors deposit the USDC for converting to BTC, so such inflows provide for a fresh supply of dry powder for sustaining a rally. Now it remains to be seen whether a similar effect on the price of Bitcoin will also be there this time, or if this USDC inflow will pump some other coins instead. Bitcoin Price At the time of writing, Bitcoin’s price floats around $39.2k, down 10% in the last seven days. Over the past month, the crypto has lost 11% in value. The below chart shows the trend in the price of the coin over the last five days. BTC's price seems to have dropped down once again today | Source: BTCUSD on TradingView Yesterday, Bitcoin showed some sharp uptrend and broke above the $42k level again. However, today the coin looks to have plunged down once more. Featured image from Unsplash.com, charts from TradingView.com, CryptoQaunt.com

Several technical and on-chain indicators are flashing bullish despite the BTC price pullback below $40,000.