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Data shows that Bitcoin “HODLers” are becoming more active

October 30, 2020

The latest findings from Santiment, published in the bi-weekly newsletter from Cointelegraph Consulting, show that the Bitcoin Age Consumed has seen a big boom with the recent price surge, a sign that previously inactive tokens are on the move.

The Bitcoin Age Consumed metric is calculated by multiplying the number of tokens that change addresses on a given date by the time that has passed since they were last moved. It is an indicator of the volatility that often precedes a change in price direction. More of 79,955 BTC that had been inactive for at least a year switched directions on Friday October 23rd. which indicates a major paradigm shift among experienced traders of Bitcoin (BTC).

The Middle Ages of Bitcoin Dollar Invested, or MDIA for its acronym in English, has also seen a significant downward trend over the past seven days, implying a short-term payout and possible profit withdrawal from some BTC investors. long term. Bitcoin’s MDIA saw similar declines near its local highs in February and September, suggesting a higher risk of future price volatility.

Data shows that Bitcoin “HODLers” are becoming more active
Data shows that Bitcoin “HODLers” are becoming more active

Average sentiment on Bitcoin has flipped 180 degrees during its recent spike of over $ 13,000 and has gone from mostly bearish to mostly bullish in the past 10 days. Last Friday, sentiment over Bitcoin was the highest since May 12, the date Bitcoin was last “halved”.

In general, people’s positive vibes were seldom friendly with digital assets. Over the past two years, periods dominated by bullish talk and FOMO have generally coincided with price consolidations or impending market corrections, not just for Bitcoin but also for Ether (ETH) and other cryptocurrencies.

Read the complete issue of the newsletter here for a complete overview with graphics and images.

Cointelegraph’s Market Insights newsletter provides insight into the fundamentals of the digital assets market. With market information from one of the leading analytics providers in the industry, SantimentThe newsletter covers the latest data on sentiment on social media, metrics in the chain and derivatives.

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