$84,492.00
1.04%$1,616.76
1.52%$2.16
4.90%$593.22
0.69%$129.12
3.59%$0.999902
-0.01%$0.164599
1.20%$0.247769
-0.20%$0.643954
1.87%$1,613.34
1.46%$84,438.00
1.10%$9.36
0.03%$20.02
4.70%$12.96
1.23%$2.32
4.39%$0.243334
2.66%$0.00001237
0.51%$0.171659
1.66%$2.90
-0.30%$0.999854
-0.01%$1,937.81
1.56%$340.31
8.55%$6.29
-1.49%$78.50
2.80%$3.65
1.92%$15.98
0.86%$4.37
-0.27%$0.999294
-0.03%$0.750263
12.02%$0.999084
-0.01%$1,616.87
1.60%$27.69
-0.63%$209.36
0.98%$1,721.05
1.63%$5.44
2.55%$53.88
1.78%$84,479.00
1.14%$0.0000073
2.68%$4.90
1.00%$0.883275
0.52%$22.67
1.19%$33.67
7.33%$2.17
2.08%$5.12
0.39%$1.047
0.00%$0.089168
0.31%$1.00
0.00%$0.70899
-0.04%$15.26
0.14%$252.66
0.19%$143.68
3.30%$1.16
0.06%$3.96
1.74%$0.02317859
3.38%$0.074863
0.69%$4.26
1.71%$0.326963
3.80%$84,352.00
1.23%$0.997761
0.11%$4.05
0.01%$8.50
4.25%$0.191346
3.67%$2.50
1.17%$0.509997
2.37%$0.18664
1.64%$2.56
-0.69%$0.30728
2.05%$3.77
1.73%$84,423.00
1.32%$10.37
-1.74%$0.486192
4.94%$0.078889
4.90%$1,375.11
1.80%$0.68968
3.06%$0.398985
2.68%$4.20
7.74%$134.49
3.23%$0.00001345
6.25%$1.036
-0.30%$0.998842
-0.15%$0.655516
8.73%$67.32
2.82%$1,617.25
1.72%$0.775229
2.27%$0.637971
3.69%$0.01538107
2.30%$1,681.15
1.64%$0.178855
4.70%$0.864311
-3.30%$15.02
0.44%$1.00
0.01%$1.00
-0.03%$0.612021
0.08%$0.99976
0.02%$0.328191
-1.50%$8.23
-0.44%$3,239.53
-0.79%$0.01650047
14.73%$1,821.85
1.50%$0.081326
1.54%$0.429291
1.51%$83,608.00
0.58%$593.16
0.71%$0.742634
2.02%$3,251.39
-0.94%$0.997892
0.00%$84,349.00
0.99%$3.77
26.20%$0.743285
-0.16%$0.0148273
1.82%$0.01958908
-0.82%$0.2639
1.00%$0.00000065
5.44%$1,717.31
1.51%$0.999584
0.02%$0.166872
2.55%$141.94
3.72%$0.103183
0.35%$0.483109
-1.10%$165.93
3.92%$1.96
-1.32%$28.73
1.01%$0.357341
1.34%$1.94
6.19%$0.00005809
3.78%$34.80
-1.63%$0.534946
-0.89%$1.76
0.15%$3.37
3.63%$0.999104
-0.01%$0.517423
-2.93%$0.549431
9.41%$1,687.21
1.76%$0.998287
0.20%$0.264955
6.43%$0.134642
1.56%$83,643.00
4.76%$14.55
1.46%$0.999903
-0.06%$0.068741
-0.44%$0.426711
0.86%$1.67
1.75%$0.999903
-0.01%$0.457427
6.08%$4.12
-2.49%$0.00481356
-0.85%$1.11
0.74%$0.570708
1.12%$0.00767027
1.00%$84,480.00
1.21%$84,842.00
1.72%$0.164512
1.21%$0.00000042
-0.68%$1.16
2.14%$1.00
-0.15%$1.08
0.01%$14.32
0.80%$1.91
7.77%$0.00001985
1.99%$110.66
0.00%$1,718.61
1.74%$2.38
3.46%$0.131352
-0.72%$84,202.00
1.25%$0.999456
-0.03%$5.39
-0.10%$0.579317
2.03%$0.03941364
1.68%$0.999354
-0.12%$0.073099
2.75%$22.57
-0.03%$41.28
2.02%$5.63
0.72%$0.451331
4.58%$77,106.00
0.00%$1,616.53
1.59%$0.997896
-0.09%$1,616.76
1.76%$0.434712
1.68%$0.076156
0.55%$0.550253
1.97%$0.00542787
8.45%$1,615.92
1.65%$0.128879
7.70%$0.289635
23.23%$0.191184
3.55%$1,685.80
1.36%$0.789667
1.03%$0.0000601
1.97%$0.00619861
-1.62%$0.998696
-0.34%$0.762968
7.84%$4.14
-3.10%$0.999505
-0.01%$0.00377344
1.67%$0.156891
-0.96%$0.00000153
-3.61%$0.133848
-17.22%$0.03076324
1.26%$0.321236
0.89%$0.999947
0.03%$1,615.25
1.59%$0.02968025
0.38%$1.00
0.04%$0.140839
-0.29%$1,632.74
1.08%$2.56
-1.57%$108.64
3.06%$1.13
-1.86%$0.605748
2.71%$3,235.72
0.02%$84,359.00
1.07%$0.21895
0.74%$0.272592
8.39%$84,303.00
1.28%$0.578713
6.10%$1,598.20
1.69%$0.255648
4.77%$2.68
-0.93%$0.448986
-4.28%$20.83
0.78%$0.02907199
0.04%$1.00
0.05%$0.489455
0.09%$22.24
1.22%$1,616.19
1.47%$0.00039371
-2.55%$0.174914
1.80%$1.013
-0.36%$1,706.99
1.56%$20.00
4.71%$0.03360593
0.11%$0.100899
1.23%$1,697.86
1.12%$13.74
1.52%$0.998415
0.01%$0.01123935
2.30%$1,768.64
1.63%$0.646291
-1.05%$0.00469599
11.67%$2.05
6.26%$0.00242072
-6.88%$1,754.22
1.32%$12.73
-3.74%$84,124.00
0.73%$0.999604
-0.03%$2.67
-1.97%$0.00282057
5.94%Reading
In less than a week, Bitcoin rose in price from $44,000 to $50,000, a 14% increase.
So, you'd expect the network to be buzzing with lots of transaction activity, which is what usually happens when there's a lot of price movement.
Not so, says blockchain data site Glassnode.
In a report today, it wrote that (entity-adjusted) transaction numbers are "at historically low levels" while "transaction volumes are similarly depressed, with the Bitcoin network setting around $18.8B in daily volume." That mark is less than half of what it was around BTC's record-high price in May. What's more, there was a "noticeable uptick" this week in older coins—which have sat unmoved in wallets for at least five months—starting to get sold.
#Bitcoin rallied towards the $50k level last week, absorbing the profits realised by spenders on-chain
This week, we assess who is spending coins, flows of coins to exchanges, and rising open interest in derivatives markets
Read More in The Week On-chainhttps://t.co/BZ9q1WyXhS
— glassnode (@glassnode) August 23, 2021
To an untrained eye, it might look like HODLers are about to cash out as the market stagnates.
Except there's another figure that, alongside Bitcoin's price, is bullish, says Glassnode: Even though older coin spending ticked up, the amount of Bitcoin in the wallets of long-term holders has increased. Long-term holder supply, classified as any coin unspent for at least 155 days (five months), has risen to an all-time high of 12.7 million BTC (67% of the coins in circulation), just months after hitting its lowest point in years.
What happened is that long-term holders took advantage of high Bitcoin prices in Q1 and Q2 to cash out. But they didn't sell everything. So, when they decreased their spending (as seen with dropping transaction volumes), coins bought in December through March of Bitcoin's bull run were added to the long-term holder supply.
The recovery in long-term holder supply suggests that Bitcoin investors aren't jumping ship. On the contrary, cash-outs appear to be limited in volume—which makes sense given Bitcoin's low overall transaction volumes and counts—potentially to diversify portfolios and hedge against risk.
If true, writes Glassnode, old hands selling doesn't equate to "a loss of conviction and a mass exit." It's just investors taking a bit of easy profit when given the chance.
Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the fifth instalment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, we’ll investigate cryptocurrency adoption. Cryptocurrencies are clearly growing in terms of size, scale and types of offerings, which altogether indicates t...
Ross Ulbricht, the founder of Silk Road, will make his first public appearance since his release from prison earlier this year, speaking at the Bitcoin Conference in Las Vegas from May 27 to 29. The news, announced by Ulbricht on X on April 10, follows a presidential pardon by Donald Trump in January that saw the end of his incarceration. Trump granted Ulbricht a “full and unconditional pardon,” citing support from the Libertarian movement and calling the sentence “ridiculous.” From 2011 to 201...
Increasing tariff implementation under President Donald Trump may be influencing a near-term price decline for Bitcoin, but a Grayscale report suggests that the changing global trade dynamics could benefit the top crypto asset. The crypto asset manager’s report suggests that tariffs and their contribution towards stagflation—an economic state in which there is high or growing inflation alongside low or slowing GDP—may ultimately lead to underperformance of traditional assets. However, historica...
