Bitcoin (CRYPTO: BTC) is seeing elevated promoting by outdated coin holders because it hovers across the psychologically vital $50,000 mark, as per Glassnode.
What Occurred: Glassnode used the Spent Output Age Bands metric to research the cohorts of the market spending BTC. “This week has seen a noticeable uptick in older coin ages, significantly these older than 6-months,” the on-chain analytics agency stated in a report, referring the week ended August 22.
Seven-Day Transferring Media Chart of Spent Output Age Bands (Courtesy: Glassnode)
See Additionally: How To Purchase Bitcoin (BTC)
As per Glassnode, within the final yr, older cash got here into play throughout distribution in a bull market when outdated coin holders took income and distribution in main sell-offs as these holders de-risked throughout main corrections.
An analogous commentary was made when analyzing outputs between 6 months and 5 years — a time period that captures outdated palms,