Old Bitcoins Reactivated Amid Spot ETF Approval; Market Sentiment Bearish
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.
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.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | 55.663,00 € |
| Percent Change 24h | 3,73 % |
| Percent Change 7d | -7,41 % |
| Percent Change 30d | -9,23 % |
| Percent Change 60d | -6,33 % |
| Percent Change 1y | 109,46 % |
| Market Cap | 1.100.400.531.343,00 € |
| Max. Supply | 21.000.000 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
The 3 best cryptocasinos
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 20 USDT or equivalent |
| Maximum bet | 2 USDT |
| Bonus validity | 30 days to claim |
| 14 days to wager |
- Max bonus: 1 BTC • 150 BCH • 17 ETH • 333 LTC • 600,000 DOGE • 30,000 USDT • 42,857 XRP • 428,571 TRX • 100,000 ADA • 125 BNB • 30,000 BUSD • 30,000 USDC
- Maximum bet per round: 0.000066 BTC • 0.01 BCH • 0.0011 ETH • 0.02 LTC • 40 DOGE • 2 USDT • 2.8 XRP • 25 TRX • 6.6 ADA • 0.008 BNB • 2 BUSD • 2 USDC • 3 CAD
- Free spins are credited on “Max Miner” by Gamebeat.
| Wagering requirements | 40x bonus |
| Minimum deposit | 0,1 mBTC |
| Maximum bet | $5 per spin |
| Bonus validity | 7 days to wager |
- Max bonus amount: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
- There is no cap on winnings or withdrawals.
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 14 days for deposit bonus |
| 7 days for free spins |
- This bonus has no limit.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
Advertising transparency