@BOMBERuss 9 November 2021 more from that month

Evaluation of the dynamics of the supply side. Online analysis gives us an idea of the movement of coins between the wallets of investors, exchanges and other subjects of the network. Generally speaking, we use a combination of the lifetime of coins (the time since they were last moved) and heuristics to distinguish between experienced "smart money" and new investors without experience. A typical behavior when bitcoin prices are approaching record highs is that long-term holders (experienced investors) start distributing coins. When bitcoin reached the recent $66k level, the supply held by LTH also peaked. At the time when they collectively owned the local maximum of the entire coin supply, the share was 81.5%. Since then, DERS have spent 0.73% of the coin supply back into circulation, providing an upper bound estimate for the degree of selling pressure emanating from this cohort. Such spending dynamics even slowed down the metric of changes in the net position of the long-term holder, which has been in the accumulation phase since April of this year. The rate of accumulation of coins by long-term holders has reached more than 400 thousand. BTC per month for about 5 months until the end of September and has now returned to a neutral level. This indicates that the LTH offer has not changed in the last 30 days, and the equivalent amount of coins both passes into the LTH status and is spent from it. We can observe a similar behavior of spending coins in the coefficient of the age of the spent volume (Spent Volume Age Bands, or SVAB), where the predominance of coins older than 1 month has increased to 6% of the total on-chain volume. However, note that 6% levels have been commonplace for most of 2021, and especially in Q1 when they reached over 10% as the bull market has grown. This metric highlights that while older coins are increasingly on the move, the market seems to be absorbed on the selling side without any problems. Note also that bull markets can often withstand this increased selling pressure for some time before exceeding it. #CryptoTrading