Old Bitcoins Reactivated Amid Spot ETF Approval; Market Sentiment Bearish

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Revival of Old Bitcoins Amidst Spot ETF Rush

It’s an exciting time in the world of cryptocurrencies. Old bitcoins that have been dormant for years are becoming active again. This is happening in the wake of the green light for Spot Bitcoin ETFs, heralding a new wave of mainstream adoption of the king of cryptocurrencies. According to data from CryptoQuant, more than 50,000 bitcoins aged 5 to 7 years were moved on January 16th.

What are Spent Output Age Bands?

For those unfamiliar, Spent Output Age Bands bundle spent coins into categories based on their age. Put simply, it measures the age of coins being moved on the blockchain. This is used to understand whether market movements are influenced by long-term HODLers (holders) or newer market participants.

The Importance of Coin Days Destroyed (CDD)

When a significant portion of inactive coins is moved, it affects another important metric – the Coin Days Destroyed (CDD). On January 16th, the CDD saw a significant increase, suggesting that a large number of long-term holders moved their coins.

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New Market Participants Drive the Market

Despite the entry of older coins into the market, it is still the newer market participants who are driving the market. In fact, more than 850,000 bitcoins were moved by groups belonging to the category of short-term holders. Nearly 730,000 of these coins were moved by traders who had only purchased these coins the day before.

Sentiment for BTC Turns Negative

At the time of publishing this article, the price of Bitcoin was $42,715, with a 24-hour decrease of 0.18% according to CoinMarketCap. Notably, Bitcoin whale transactions have significantly decreased since the release of the Spot ETFs. Investor sentiment towards the coin has somewhat turned bearish due to the price drop. However, most analysts have projected a significant capital inflow into the Bitcoin market in the long run.

Sources: CryptoQuant, CoinMarketCap, Santiment.

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