• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin
Nexo

Bitcoin On-chain Data Suggests 11-Year Old Coins Worth $20M Behind The Drop

Hououin Kyouma by Hououin Kyouma
3 months ago
in Bitcoin
0

On-chain data suggests that dumping from 11-year old coins worth $20 million may be behind the recent Bitcoin price drop.

11-Year Old Bitcoin Moved Shortly Before The Drop below $40k

As pointed out by an analyst in a CryptoQuant post, a large amount of dormant coins since eleven years ago seems to have moved a bit before today’s drop below the $40k level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The relevant indicator here is the “coin days destroyed” (CDD) metric. “Coin days” are defined as the number of days that a Bitcoin remains unspent for.

When 1 BTC remains still for one day, it accumulates 1 coin day. Similarly, 0.5 BTC would accumulate 1 coin day only after it hasn’t moved for two days.

Once these coins are spent or transferred, the coin days are said to be “destroyed” as the number of them reset back to zero. The number of such days destroyed is what the CDD indicator measures.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

When the metric shows a large spike in its value, it means a large amount of dormant coins have just been moved. This can indicate dumping from long-term holders, a bearish sign for the price of Bitcoin.

Related Reading | Data: Bitcoin Transaction Fees Registers Unusually Low Values For 7th Straight Month

Now, here is a chart that shows the trend in the BTC CDD over the past day:

Bitcoin Coin Days Destroyed

The indicator's value seems to have shown a large spike recently | Source: CryptoQuant

As you can see in the above graph, the BTC CDD metric’s value shot up recently. According to the quant, the spike is due to a movement of an 11-year old BTC stash with 489 coins, worth only $50 in 2010 when it went dormant, but today values over $20 million.

Related Reading | Binance’s Bitcoin Dominance Sharply Rises, Now Holds 22.6% Of Total Exchange Supply

This movement in these old coins looks to have happened shortly before the decline in the price of BTC earlier today, making it seem logical that these coins being dumped may be one of the factors behind the drop,

BTC Price

At the time of writing, Bitcoin’s price floats around $39k, 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.

Bitcoin Price Chart

Looks like the price of BTC has plunged down over the past twenty-four hours | Source: BTCUSD on TradingView

After a few days of sideways movement, Bitcoin finally showed some sharp uptrend yesterday and broke above the $42k mark. But it didn’t last for long.

Today, the crypto has come back down to the sub $40k levels and it’s unclear at the moment when some real recovery may be seen because of the uncertainty caused by the Russian invasion of Ukraine.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Hououin Kyouma

Hououin Kyouma

Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.

Related Posts

Methane, oil rig

ESG Study: Methane-Fueled Bitcoin Mining Can Eliminate 5.32% Of Global Emissions

17 hours ago
Bitcoin

Bitcoin Supply In Profit Drops To 55%, Is The Bottom Here Yet?

1 day ago
Bitcoin

Bitcoin Superfan Jack Dorsey Bids Adios To Twitter Board  

2 days ago
Bukele, McCormack screenshot from the documentary

Let’s Dissect McCormack’s “Follow The Money #1” Documentary, Pt. 3- Bukele

2 days ago
Bitcoin Transaction Fees Remain Historically Low Despite Recent Spike

Bitcoin Transaction Fees Remain Historically Low Despite Recent Spike

2 days ago
IMF

IMF Boss Begs Investors Not To Shun Crypto Despite Market Crash

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.